“Mr. Dodd’s bill would allow the Fed to examine any bank-holding company with more than $50 billion in assets, and large financial companies that aren’t banks could be lassoed into the Fed’s supervisory orbit. This came after Treasury officials pushed Mr. Dodd to bring more companies under the Fed’s purview.
Any financial company, from small payday lenders to huge megabanks, would have to abide by new rules written by an autonomous Fed division that would be given the job of protecting consumers. This division would also be able to sanction any bank with more than $10 billion of assets for violations of consumer rules. Other industries could face enforcement if regulators decide to expand the division’s powers.” Read more.
“Dodd’s New Plan for Finance Rules Aims to Give More Muscle to Fed”
Damian Paletta
Wall Street Journal, March 15, 2010.
