Chris Dodd's Extreme Makeover [View All]

[rayofreason]

Source: Mother Jones

Something very strange has happened to Sen. Chris Dodd. As Washington finally moves to address problems in the financial system, the White House is proposing only a modest shakeup of the existing regulations. The legislation that Rep. Barney Frank is spearheading in the House isn't much more ambitious. But Dodd, the Democratic chair of the Senate Banking Committee and long known for his deep Wall Street ties, is suddenly pushing for reforms that sound like a populist's wish list.

Dodd wants to strip the Federal Reserve of its authority over banks. He wants to merge America's scattershot collection of banking regulators into a single entity. And he doesn't want the Fed to take on the new job of monitoring systemic risk to the economy; he prefers to hand this task to a new council of regulators. These are bold suggestions. Is Chris Dodd really willing to take on Wall Street? Or is he merely championing reforms that sound impressive but have no chance of passing?

Read more: http://www.motherjones.com/politics/2009/10/chris-dodds-extreme-makeover

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Just goes to show that Friends of Angelo don't let Friends of Angelo drive unelected.

Or at least they try. Any fine progressives not beholden to finance able to make a run in CT?