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Sen. Dodd: systemic risk role could harm Fed

WASHINGTON
Tue Jul 14, 2009 11:48am EDT

WASHINGTON (Reuters) - U.S. Senate Banking Committee Chairman Christopher Dodd said on Tuesday making the Federal Reserve a "systemic risk" regulator could put the central bank's independence at risk.

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"I think those who are advocating the Fed's role in all of this as a systemic risk regulator ought to be prepared to then concede a good chunk of independence of the Federal Reserve," Dodd told reporters. "I think that poses some serious issues."

"If you give them that kind of authority here there will be demands for far more congressional authority over the Fed," he said.

(Reporting by Corbett B. Daly; Writing by Tim Ahmann; Editing by James Dalgleish)
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