Senate's Regulatory Bill Calls for Single Financial Regulator [video]

Sen. Chris Dodd (D-CT) will unveil today the Senate Finance Committee's proposals for overhauling the financial regulatory system. The centerpiece is the creation of a single regulator.According to Bloomberg, the Federal Reserve and the FDIC would be stripped of their duties as bank supervisors, the Office of the Comptroller of Currency and Office of Thrift Supervision would be eliminated and folded into the Treasury Department, and there are calls for the creation of a "council of regulators" and a consumer watchdog agency, similar to what Rep. Barney Frank (D-MA) suggested in the House version of the regulatory legislation.