Source: Paul Wiseman, USA Today

Trying to fix the broken U.S. financial system is no way to win a popularity contest. Standing by himself, Christopher Dodd, chairman of the Senate Banking Committee, on Monday announced his second attempt to plug loopholes in financial regulation and find ways to prevent a repeat of the crisis that overtook Wall Street in late 2008. His first attempt was declared dead on arrival last fall by his Senate colleagues.

Dodd’s new plan on Monday faced an immediate barrage of criticism. The American Bankers Association said it imposed too much regulation; consumer groups said it imposed too little. “It’s a far distance from what we had hoped for,” says John Taylor, president of the National Community Reinvestment Coalition.

Read Full Article: 2nd shot at financial reform still leaves loopholes