Dodd's overhaul goes well beyond other plans

3 new agencies would wield broad powers over financial entities

By Binyamin Appelbaum and Brady Dennis
Washington Post Staff Writer
Wednesday, November 11, 2009
A regulatory bill that Sen. Christopher J. Dodd (D-Conn.) introduced Tuesday would create three agencies aimed at policing threats to the economy, preserving banks in good health and protecting borrowers from abuse.
The bill would effect an overhaul of government far exceeding the reforms proposed by the Obama administration this summer or those under consideration by the House. It would bulldoze the existing regulatory establishment, stripping power from agencies including the Federal Reserve and the Federal Deposit Insurance Corp., and erect in its place a triumvirate of new regulators with sweeping, unprecedented powers...