Senate Banking Committee chair Christopher Dodd has introduced on Monday a new bill to overhaul financial regulations.

The new Democratic Senate bill would give the US government powers “to break up firms that threaten the economy, force the industry to pay for its failures and create a consumer watchdog within the Federal Reserve.”

The bill aims to cover all areas of the financial sector.

“Americans are frustrated and angry, as we all know. They’ve lost faith in our markets, and they wonder if anyone is looking out for them,” he said.

President Obama felt that Dodd’s bill did not meet his standards, but called it “a strong foundation.”

Edward Yingling, president and CEO of the American Bankers’ Association slammed Dodd’s initiative, “We oppose this bill because it will subject traditional banks, which did not cause this crisis, to heavy new regulation, while non-banks will have even further competitive advantage.”

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