Senator Chris Dodd (D-CT) unveiled plans for sweeping new regulatory powers to give the feds power to limit the potential havoc a few very large companies can play on America's financial system. The proposals would do this by "consolidating bank agencies, creating a consumer financial protection agency and imposing new restraints on exotic financial instruments and credit rating agencies." I imagine this will be met by stiff resistance from Republicans insisting that the proper solution to last year's financial crisis is free companies from burdensome regulations and new government agencies - even if they are designed to protect consumers from noxious loans. Finally, Dodds might suffer from poor timing. After health care reform, Americans might tire of additional government meddling.
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