WASHINGTON — Senate Banking Committee Chairman Christopher Dodd today called for sweeping new government powers to prevent another economic collapse, protect consumers and dismantle failing institutions.

Dodd's 1,100 page-draft would strip the Federal Reserve and other regulators of their powers to regulate banks and hand that job to a single agency. The bill also would take away the Fed's ability to monitor credit cards and mortgages and establish a new "Consumer Financial Protection Agency."

The bill, inspired by last year's financial meltdown, will minimize "economic turmoil and protect(ing) the interest of taxpayers," the Connecticut Democrat wrote.

An advance copy of the legislation was obtained by The Associated Press.

President Barack Obama has demanded that Congress rewrite the federal regulations governing Wall Street to close legal loopholes and prevent the kind of fraud and abuse that fed the crisis.