The Senator Who Got A Sweetheart Deal From Countrywide Wants Tougher Regulation Of Banks

How about regulations about the sweet deal Chris Dodd got from Countrywide?

Well, this former friend of Angelo Mozillo is back in the spotlight. He has a regulation plan that differs from the White House.

The Los Angeles Times reports:

The influential chairman of the Senate Banking Committee, often criticized for being too cozy with Wall Street, unveiled a sweeping new plan Tuesday to toughen oversight of the financial industry — proposing changes even more dramatic than the Obama administration's at the risk of delaying passage of new rules this year.

The plan by Sen. Christopher J. Dodd (D-Conn.) would shatter the existing regulatory structure, installing a new federal banking authority to take the place of four agencies, a bold step the Obama administration declined to take.

"The financial crisis exposed a financial regulatory structure that was the product of historic accidents, one after another, over the past 80 years," Dodd said. "For decades, Washington has failed to deliver . . . substantial reform we need. If we fail again at this hour, our economy will be vulnerable to yet another crisis."