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U.S. Senate Banking Committee Chairman Chris Dodd (D-CT) unveils his financial reform substitute on Capitol Hill in Washington, March 15, 2010. Dodd on Monday unveiled a bill to revamp U.S. financial rules that would place a consumer protection agency within the Federal Reserve and give the central bank new powers over non-bank financial firms. REUTERS/Jason Reed

Sen Dodd boosts Fed in new financial reforms

Reuters - Mon Mar 15, 5:59 PM

WASHINGTON (Reuters) - The Federal Reserve would take on a greatly expanded role in financial regulation under new legislation unveiled on Monday by a top Senate Democrat, in a push to move ahead with the regulatory reform that has been a top priority of President Barack Obama.

  • Hundreds of supporters of former premier Thaksin Shinawatra on trucks lead a march to the base of Thai Army 11th Infantry Regiment in Bangkok March 15, 2010. REUTERS/Chaiwat Subprasom
    Frustrated Thai "red shirts" press ahead with rally Reuters - 14 minutes ago

    BANGKOK (Reuters) - Tens of thousands of protesters pressed ahead with a mass rally in Bangkok on Tuesday, some expressing frustration that four days of peaceful protests had failed to force Thailand's premier to call elections.

  • A pedestrian walks through steam and rain during a multi-day nor'easter rainstorm in Boston, Massachusetts March 15, 2010. REUTERS/Brian Snyder
    Recession left "walking wounded" workers: study Reuters - 20 minutes ago

    NEW YORK (Reuters) - Many workers around the world have given up hopes of advancing in their jobs, but the bad economy is keeping them from finding new ones.

  • The US Federal Reserve is widely expected to keep its key lending rate at virtually zero percent as financial markets look for signals of future monetary policy tightening. Photo:Paul J. Richards/AFP
    US Fed set to hold policy meeting on rates AFP - 1 hour, 22 minutes ago

    WASHINGTON (AFP) - The US Federal Reserve was widely expected to keep its key lending rate at virtually zero percent Tuesday as financial markets look for signals of future monetary policy tightening.

  • Lawmakers press for action on China currency Reuters - 1 hour, 31 minutes ago

    WASHINGTON (Reuters) - President Barack Obama faced growing congressional pressure on Monday to get tough with China over its currency practices, one day after Chinese Premier Wen Jiabao brushed off accusations that Beijing was undervaluing its currency for an unfair trade advantage.

  • A street sign marks Wall Street, New York's financial hub. President Barack Obama's stuttering bid to rein in the US financial sector has been given a boost, as a key Senate ally unveiled a reform described as the most sweeping in 80 years. Photo:Timothy A. Clary/AFP
    Fresh push for Obama's Wall Street reforms AFP - 1 hour, 52 minutes ago

    WASHINGTON (AFP) - President Barack Obama's stuttering bid to rein in Wall Street was boosted, as a key Senate ally unveiled a reform described as the most sweeping in 80 years.


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