On Monday, Friend of Angelo Mozillo Sen. Chris Dodd(D-CT) unveil a major financial reform scheme which puts tighter controls in the banking industry and move some regulatory power to the Federal Reserve Bank.
Dodd who is the head of Senate Banking Committee, release 1336 pages covers nearly everything involving the world of finance including small community banks, to Hedge Funds, and everything in between.
“Americans are frustrated and angry, as we all know,” Dodd said. “They’ve lost faith in our markets, and they wonder if anyone is looking out for them.”
The plan would break up banks, shut down banks that are too big to fail. It would follow the Volcker Rule which name for Former Federal Bank Chairman Paul Volcker. Volcker Rule would prohibit banks from during certain trades; Stop deposit banks from making risky bets and hedge-fund investments.
AP via My Way News has the rest of the story.