Financial overhaul proposed - WKOW 27: Madison, WI Breaking News, Weather and Sports

Financial overhaul proposed

WASHINGTON (AP) -- President Barack Obama is making it clear the financial overhaul measure outlined Monday by the head of the Senate Banking Committee doesn't go far enough.

Obama says Sen. Christopher Dodd's bill is a "strong foundation" -- and that he'll try to work with Dodd and other senators to strengthen it.

The measure gives the government new power to break up firms that threaten the economy.

It would force the industry to pay for its failures -- and it creates a new consumer watchdog within the Federal Reserve.

The American Bankers' Association is criticizing Dodd's plan, saying it would put heavy limits on traditional banks, while giving "non-banks" a bigger competitive advantage.

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