Compromising on Reform

Creates a new financial consumer watchdog agency

It will be housed within the bank-friendly Federal Reserve

Provides tools for liquidating troubled Wall Street firms

That doesn't preclude too-big-to-fail rescues

Establishes systemic-risk council

Leaves unclear why panel would be more vigilant than current structures

Reshuffles bank oversight responsibilities

Doesn't integrate regulatory efforts as Dodd originally hoped

Requires more transparency from credit-rating firms

Doesn't eliminate fundamental conflicts of interest

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