Christopher Dodd, a Democrat of Connecticut, will show his financial regulation proposal on Monday without presenting it to any members of the G.O.P. This financial revamp is the largest since the Great Depression, and as such, Republican Congressman are up in arms about Dodd’s unilateral action.

At present, there are four departments that oversee banking regulation. Mr. Dodd proposes leaving the Fed to oversee only the largest banks, those with over $100 billion of assets, of which there are 23. The other national banks would be overseen by a new department, merging the comptroller’s office and the thrift supervision office. The state banks would have their own overseeing department, the F.D.I.C.

The remaining issues of architectural structure vis-a-vis these regulatory agencies are still up in the air. Bipartisan opinion  is more solidly established about issues like: new councils to offer risk management and potential security for future financial disasters; more transparency in negotiations between banks and on derivatives; and the improvement of the Securities and Exchange Commission’s ability to help investors.

While Senator Dodd did work at length with Bob Corker (R) of Tennessee, some view this as a move to placate other Democrats, by which Dodd will move the bill more to the right.  In any event, big government is going to be made ever so smaller with the introduction of this bill.