Senator Chris Dodd has often been charged with being too cozy with the banks. How’s this for compensation? According to The Wall Street Journal, Dodd is proposing a financial-regulation bill that would strip the Federal Reserve’s and the FDIC’s regulatory powers and vest them in a new agency, which would supervise all banks and bank-holding companies. He would also create a council of regulators to monitor systemic risks. The Journal calls the plan “an extreme position” that is “likely to face major resistance.” A final agreement on the bill is months away.