CFPA in the Senate
November 19, 2009 | federal legislation, industry | Comments (0)I think it’s fair to say there is a general lack of enthusiasm for financial regulatory reform among Senate Republicans. From the article:
Senate Republicans said Tuesday there is no support within the GOP for the financial overhaul plan outlined last week by Democrats, putting on shaky ground a top priority for President Barack Obama.
Sen. Chris Dodd, D-Conn., chairman of the Senate Banking, Housing and Urban Affairs Committee, has outlined an 1,136-page draft bill that would create three new federal agencies to police banks, protect consumers and dismantle failing financial institutions that threaten the broader economy.
But Republicans have said they think the plan goes too far by putting onerous restrictions on Wall Street that could limit the availability of credit.
“My understanding is that it’s not acceptable to any of the Republicans on the committee as it now stands,” Senate Republican leader Mitch McConnell of Kentucky told reporters.
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