The head of the Senate Banking Committee Tuesday questioned whether the administration’s reform proposal calls for enough consolidation among bank regulators.

"Do we really need three federal agencies to regulate banks?" Sen. Christopher Dodd said during a hearing on bank supervision.

The Obama administration’s plan for regulatory reform calls for one national bank supervisor through the merging of the Office of the Comptroller of the Currency and the Office of Thrift Supervision, but leaves state bank supervision to both the Federal Deposit Insurance Corp and the Federal Reserve. (Reuters)