Senate Banking Chairman Christopher Dodd (D.-Conn.) has unveiled his take on financial services reform.

Dodd’s bill seeks to vest more regulatory power to the Federal Reserve Board by creating an independent consumer watchdog housed within Fed and giving it oversight of over all financial firms with more than $50 billion in assets. To address systemic risks, the legislation calls for creation of an interagency council, which, by a two-thirds vote, could break up a large company deemed to posed a "grave threat” to the financial stability of the United States.

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