WASHINGTON, Nov 11 (BSS/AFP) - US Senate Banking Committee chairman Chris Dodd yesterday unveiled legislation to overhaul US financial safeguards, protecting consumers while averting another crisis like the late 2008 meltdown.

The Democratic lawmaker's proposal includes the creation of an independent consumer financial protection agency to guarantee access to clear, accurate information about mortgages, credit cards and other products.

The roughly 1,100-page bill, which has the backing of the panel's eight other Democrats but no Republicans, also aims to limit the impact that large companies deemed "too big to fail" can have on the economy if they collapse.

It would also create a consolidated bank regulator while reducing the Federal Reserve's powers in that domain, and would impose new rules on the giant global market in arcane financial instruments known as derivatives.

"It is the job of this Congress to restore responsibility and accountability in our financial system to give Americans confidence that there is a system in place that works for and protects them," said Dodd.

"We must create a sound foundation to grow the economy and create jobs," the Connecticut senator told reporters.

Dodd said he hoped the committee would take up the proposal in early December, but underlined that any final action would depend on the Senate's progress on sweeping legislation to remake the US health care system.

Dodd's proposal came as the House Financial Services
Committee, lead by Democratic Representative Barney Frank, has
been working on its own legislation to remake the US financial
system.

"Obviously the bills aren't going to be identical, but it
confirms that we are moving in the same direction and reaffirms
my confidence that we are going to be able to get an appropriate,
effective reform package passed very soon," Frank said in a
statement.

Dodd said he hoped to win over some Republican support, but
Republican Senate Minority Leader Mitch McConnell seemed to pour
cold water on that idea.

"I don't yet see bipartisan support on that bill. Maybe it
will develop at some point. But my understanding is the bill that
you're referring to has no Republican support," he told
reporters.