The senior Senate Democrat shepherding legislation to overhaul the
nation’s financial system is planning to propose the merger of four
bank agencies into one super-regulator, an idea that is significantly
different from what President Obama envisions.
The bill Mr. Dodd is preparing to make public in the coming weeks
would be more ambitious and politically risky than the plan offered by
the White House, which considered but then decided against combining
the four banking agencies — the Federal Reserve, the Office of Thrift
Supervision, the Federal Deposit Insurance Corporation and the Comptroller of the Currency — into one superagency.
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