WASHINGTON — The senator trying to rewrite financial-industry rules is dropping plans for a stand-alone consumer financial protection agency and to give a single regulator the power to oversee all banks, according to people familiar with the proposal.
Backing away from the proposal he offered four months ago, Sen. Christopher Dodd, chairman of the Senate Banking Committee, said the bill he intends to unveil today is an attempt at consensus that incorporates Democratic and GOP ideas, although no Republicans have lent support.
“There has been some evolution,” Dodd said Sunday in an interview. But he voiced irritation with Republicans in his committee who demanded Friday that he delay committee action on the bill.
“Tell that to someone who just lost their job, their retirement, their health care and their home that we’re moving too quickly,” he said.
