Unbelievable what these people in DC are doing. And this wasn't even a major news item on FoxNews.
http://www.foxnews.com/politics/2010/03/15/dodd-unveil-plan-expand-fed-powers/?test=latestnews"Dodd to Unveil Plan That Expands Fed Powers
His proposal would restrict the size of large financial institutions once deemed "too big to fail," tame previously unregulated shadow markets with new restrictions and create a consumer protection entity.
WASHINGTON -- Combining Obama administration and Republican priorities, the leading Senate author of a sweeping rewrite of the nation's financial regulations is looking for consensus with a proposal that neither side of the political spectrum is ready to embrace.
Sen. Christopher Dodd, the chairman of the Senate Banking Committee, plans to unveil a proposal Monday that expands the powers of the Federal Reserve but creates a consumer protection entity with less authority than President Barack Obama once demanded.
His draft legislation aims to avoid a recurrence of the financial crisis that brought Wall Street to the verge of collapse 18 months ago. It would restrict the size and interconnections of large financial institutions once deemed "too big to fail," tame previously unregulated shadow markets with new restrictions and create a dismantling mechanism for failing financial giants without a bail out from taxpayers."
Also later in the article: "Institutions that are bank holding companies, such as Goldman Sachs and Morgan Stanley, cannot alter their status to avoid Fed oversight. The measure is being called the "Hotel California provision" because
firms can enter Fed supervision but can never leave."
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