The bill looked as good as dead when Sen. Richard Shelby, (R-Ala.), couldn't reach a resolution with Committee-head Sen. Christopher Dodd, (D-Conn.) over the weekend. Shelby said the bill granted too much freedom to the Federal Reserve and the FDIC, and didn't prevent the oft-repeated threat of banks becoming "too big to fail." Nelson had worries about unintended consequences -- an issue voiced by many Republican skeptics. Other Republicans criticized the bill because it did not explicitly outlaw future bailouts, which most economists saw as actually being incentivized by the bill.
- an additional oversight council that would have ferried out risks in the financial sector,
- the ability for federal government to enforce regulation and put risky firms out of business,
- the creation of a fund to assist in liquidating those firms, and
- the potential regulation of the derivatives market.
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