March, 16, 2010

Democrats in the U.S. Senate are daring Wall Street to fight the most sweeping overhaul of financial regulation since the Great Depression, pushing ahead with divisive plans for a dedicated consumer watchdog, measures to make banks pay for their own bailouts, and new curbs on risky trading.With the backing of the White House, Senate banking committee chairman Christopher Dodd unveiled a 1,200-plus-page bill Monday that aims to plug the regulatory gaps exposed by the housing meltdown and financial crisis of 2008.

The legislation covers everything from derivatives and executive pay to new rules for unwinding banks that threaten the financial system.The bill, which marks the Democrat's second bid to pass reforms, comes after months of haggling with Republicans and intense behind-the-scenes lobbying by the banking industry.Several key reforms have been watered down or abandoned altogether.

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