WASHINGTON (AP) - The Senate Banking Committee has approved
Democratic legislation overhauling Wall Street regulations on a
party-line vote. The bill now goes to the Senate, where its
prospects remain in doubt.
The committee vote Monday was 13-10.
The bill was written by Banking Committee Chairman Christopher
Dodd, a Democrat from Connecticut. It would give the government
unprecedented powers to split up firms considered a threat to the
economy, put together a council of regulators to watch for risks in
the financial system and create an independent consumer watchdog.
Sen. Richard Shelby, the committee's top Republican, said
Republicans decided not to seek changes to the bill in committee.
He said such an effort would not have been productive.
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