Washington -- The chairman of the U.S. Senate Finance Committee is forging a financial reform bill vastly different from the Treasury Department's initiative, sources said.
Sen. Christopher Dodd of Connecticut, a pivotal senate member on financial matters and a Democrat is preparing a bill that would wipe out supervisory powers for both the Federal Reserve and the Federal Deposit Insurance Corp. The House bill, prepared by Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee would allow both agencies to keep their supervisory roles.
Dodd's bill would create a new agency for supervising banks and holding companies, The Wall Street Journal reported Thursday.
