Senate Banking Committee Chairman Christopher Dodd on Monday unveiled a bill to revamp U.S. financial rules that would place a consumer protection agency within the Federal Reserve and give the central bank new powers over non-bank financial firms.

Under the bill, the consumer agency would have rule-writing power and the power to enforce consumer protection rules at banks with assets of more than $10 billion, all mortgage-related businesses and large non-bank financial firms, such as insurers, a summary of the bill said.

The bill also contains a version of the so-called Volcker rule that would require regulators to put in place rules to prohibit proprietary trading at banks, and bank investment in hedge funds and private equity funds.

(Reporting by Kevin Drawbaugh; Writing by Tim Ahmann)