There are roughly 400 amendments being proposed to the financial reform legislation proposed by Sen. Chris Dodd. I’ve written previously that I think that the legislation is, at best, a modest step forward. Many of the amendments are aimed at weakening reform and are being pushed by the financial inustry’s lobbying machine.

    One amendment to get excited about is this:

Sen. Jack Reed (D., R.I.) has an amendment that would create a fully independent Consumer Financial Protection Agency.

   As in, let’s not give that power to the Federal Reserve Board, which is what Dodd proposes.