Speaking at a news conference in Berlin Monday, Wowereit said he would hand over his duties as head of the project's supervisory board to Matthias Platzeck, the governor of the state of Brandenburg.

CNN: STORY HIGHLIGHTS

Dodd continues to champion an idea of creating a super regulator for bank safety and soundness, combining the supervisory roles of the two existing national bank and thrift regulators with the bank regulation duties of the Federal Deposit Insurance Corp. and the Federal Reserve.

FORBES: Financial Reform: The Legislative Logjam