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Senate Introduces Banking Regulation Bill

The U.S. Senate Banking Committee has released draft language for financial regulatory reform. The bill would consolidate banking regulation into a single agency. In introducing the bill, Senate Banking Committee Chairman Chris Dodd, D-Conn., said it is the job of this Congress to restore responsibility and accountability in the financial system by creating a sound foundation to grow the economy and create jobs.

"The American people deserve an economy in which they can find jobs, manage their money, and build better futures for their families," Dodd said. "They deserve the real and meaningful change in this bill."

Dodd calls this legislation a thorough and carefully constructed plan. Next Wednesday, Nov. 18, the Senate Agriculture committee will hold a hearing on this issue. Committee chairman Blanche Lincoln, D-Ark., pledged that the Senate Agriculture Committee will play a significant role in the effort to provide oversight and transparency to the nation's financial regulatory system.