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Fed gets new oversight powers under Dodd bill
Kevin Drawbaugh and Rachelle Younglai
March 15, 2010
The Federal Reserve would win sweeping new powers over nonbank financial firms and keep much of its authority over banks, under revised legislation to be unveiled on Monday by the chief architect of financial reform in the Senate.
In a remarkable recovery by the U.S. central bank after a steep drop in its political popularity, Senate Banking Committee Chairman Christopher Dodd was poised to release a bill that leans heavily on the Fed, sources said on Sunday.
Not only would a new government watchdog for financial consumers be housed within the Fed, but it would also retain much of its present authority over large bank holding companies and gain new authority over selected nonbank financial firms.
Dodd’s bill would give the Fed authority to supervise bank holding companies with more than $50 billion in assets, down from an earlier threshold of $100 billion, sources said.
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