Financial overhaul: Key points of Senate proposal

Overhaul plan Key provisions of the Senate financial regulatory overhaul proposal:* Creates an autonomous consumer protection bureau within the Federal Reserve* Grants the government power to seize and dismantle large firms if they’re near collapse* Establishes a council of regulators to monitor the economy for signs of major risks* Adds new regulations for hedge funds and derivatives markets* Takes away the Fed’s oversight of banks with assets of $50 billion or less, leaving the job to other bank regulators* Gives shareholders the right to cast nonbinding votes on executive pay packagesSource: Times research