Senator Christopher Dodd unveiled his long-awaited financial reform legislation on Monday. Dodd’s proposal gives new power to the Federal Reserve while gutting the proposed Consumer Financial Protection Agency. Instead of creating an independent consumer agency, Dodd wants to create a Bureau of Consumer Financial Protection inside the Federal Reserve. House Financial Services Committee Chair Barney Frank recently said that the idea of housing a consumer protection agency inside the Fed is like a “bad joke.” Other parts of Dodd’s bill have received praise from watchdog groups. Wall Street whistleblowers will be given new protections and incentives to report securities violations and an Office of Credit Ratings would be formed to examine credit rating agencies.