The U.S. Senate appears to be closing in on a deal for legislation that would overhaul financial regulations, reports The Wall Street Journal. Top senators from both parties are poised for an agreement that would create a new consumer protection agency within the Federal Reserve, as well as a plan that would allow the government to dismantle big financial firms on the brink of failure.
The creation of a new agency within the Fed is contentious. Some feel that the Treasury would be a better place for the new group, while the office of President Barack Obama “remains strongly committed to an independent agency.” The bill could be introduced as soon as this week with the right support, with a committee vote potentially held later this month.
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