BUSINESS
03/18/2010 05:12 am ET | Updated May 25, 2011

Chris Dodd's New Legislation Would Strip Power From Fed, FDIC

WASHINGTON -- A key Senate lawmaker is readying legislation that would dramatically redraw how the financial system is regulated, setting the chamber on a collision course with both the House of Representatives and the Obama administration, which have championed markedly different approaches.

The bill, which is being readied by Senate Banking Committee Chairman Christopher Dodd (D., Conn.), would strip almost all bank-supervision powers from the Federal Reserve and Federal Deposit Insurance Corp., according to people familiar with the matter.

Read more on wsj.com