Dodd’s financial rules bill dilutes Obama plan to seek support

Business Week: (Bloomberg) - Senate Banking Committee Chairman Christopher Dodd’s plan for the biggest Wall Street regulatory overhaul since the 1930s drops provisions he sought in November and dilutes others as he seeks bipartisan support.

The measure shelves a single regulator that would have stripped the Federal Reserve and Federal Deposit Insurance Corp. of bank-supervision roles, and a plan to hold brokers to the same fiduciary standard as investment advisers. Dodd’s plan for an independent consumer protection agency becomes a unit within the Fed and the so-called Volcker Rule to limit risky trading by banks would be introduced only after a period of study. Read Article

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