Breaking with both the House and the Obama administration, the chairman of the Senate Banking Committee unveiled a draft financial regulatory overhaul Tuesday that would consolidate federal regulatory authority over financial institutions.

Christopher J. Dodd , D-Conn., circulated his draft to lawmakers, staff and financial industry representatives on Tuesday morning. It would consolidate banking regulation into a single agency — removing the regulatory power from the Federal Reserve, Office of Thrift Supervision (OTS), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC).

To avoid a repeat of last year’s meltdown, it also would establish a council of regulators with the responsibility of monitoring and regulating systemically risky financial institutions.

“It’s not about agencies, not about individuals, not about personalities. It’s about putting together an architecture that makes sense,” Dodd said at a news conference.

The Obama administration in June proposed merging the OCC and OTS, but kept the Fed and FDIC in their current form. Draft legislation released by the Treasury Department throughout the summer did the same, as did the House version of a regulatory overhaul bill.

Dodd’s draft would establish the Financial Institutions Regulatory Administration, a new agency that would, within 18 months, merge the bank regulatory powers of the four agencies into one office.

The House Financial Services Committee has approved all but two of the pieces of its regulatory overhaul effort and is expected to complete work on the entire package by Nov. 20. Chairman Barney Frank , D-Mass., said the bill would be ready for House floor consideration by the first week of December.

But the timeline for the Senate version is less clear. Debate on health care legislation is expected to consume most if not all of the remaining floor time this year. Majority Leader Richard J. Durbin , D-Ill., said it was unclear when a regulatory reform bill could come to the Senate floor.

“I don’t know how soon they can bring it out of committee, and when it will be ready. And certainly we’re running out of time this year to bring it up,” Durbin said. “I want to bring it up as quickly as we can.”