P.S.:
Here’s what else it would do:
Federal Reserve: The bill would allow Congress to order the Government Accountability Office to audit Fed activities, which the Fed says would interfere with the central bank’s ability to carry out independent monetary policy.
Derivatives: The bill attempts to shine a brighter light on some of the different kinds of complex financial products, called derivatives, that are blamed for bringing down financial companies such as American International Group (AIG, Fortune 500) and Lehman Brothers. It would pass some of these derivatives on to clearinghouses, which would help pinpoint the value of such trades. However, some derivatives would still be unregulated, including those traded by big agricultural and airline companies to mitigate risk.
Oversight: It creates a new oversight council that would look out for major problems at large financial firms, giving the Federal Reserve a key role in enforcing tougher regulations on larger firms.
Breaking up: It would also give regulators new powers to break up companies that have grown too big, if they threaten to destabilize the financial system.
Executive Compensation: It would give shareholders the right to a nonbinding proxy vote on corporate pay packages.
