New Financial Plan Presented To Senate, Hopes To Rein In Banks

November 10, 2009

U.S. (ChattahBox) – Senator Chris Dodd (D-Connecticut) has created an extensive plan to rein in banks, creating great oversight by a department meant to regulate their business practices.

The 1,136 page bill would see the development of a consumer watchdog agency, which would oversee all spending practices, and put harsher restrictions on banks, credit agencies, and other financial institutions.

The plan has already met a great deal of opposition, especially from business powerhouses in Washington, and Republicans.

It’s marked differences from the plans so far put forward by the House, as well as by President Obama’s camp, may end up making it a difficult plan to gain assenters even from the Left.

Other measures it would impose in to give shareholders more power over the election of board directors, and restrict companies from repackaging and selling mortgages on secondary markets.

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