The story

Top Democrats Monday dismissed the Bush administration's plan to overhaul the nation's financial regulatory system as inadequate, with one leading senator calling the proposals a "wild pitch."

Sen. Chris Dodd, the chairman of the Senate Banking Committee, said he "welcomed the idea" of updating the way bodies such as the Federal Reserve Board oversee the U.S. economy.

But the Connecticut Democrat and former presidential candidate said the plan laid out by Treasury Secretary Henry Paulson "doesn't relate to the issues they are trying to confront." Read full article »

CNNMoney.com's David Ellis contributed to this report.

All About U.S. Federal Reserve • Henry M. Paulson