http://slatest.slate.com/id/2247826/?wpisrc=newsletterDetails have started to emerge about the bill to overhaul the country's financial regulations that Senate Banking Committee Chairman Chris Dodd will introduce Monday, and it looks like it will be worse for banks than many predicted even a few days ago. Although the Federal Reserve would lose oversight of thousands of banks it still comes out as the "biggest winner in the bill," says the Wall Street Journal. The Fed would have the authority to supervise any bank or financial company with more than $50 billion in assets, meaning that it would still be able to watch over the largest companies, even if they aren't banks. The New York Times hears word that the bill would include measures that would open the door for shareholders to have "advisory votes" on executive pay as well as nominate directors for the boards of public companies. The bill would also create a council to study systemic risks to the economy that could order that certain companies be overseen by the Fed as well as make it easier for the government to take control and dismantle a large, failing financial company. In what is bound to be one of the most controversial aspects of the legislation, a new consumer protection division would be created under the Federal Reserve. It's still unclear whether the bill stands much of a chance seeing as though no Republicans are expected to support it initially, although Democrats are confident they'll be able to win some over.
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