More on federal developments
March 11, 2010 | federal legislation, industry | Comments (0)This story is hot off the wires, getting picked up everywhere:
Reporting from Washington – With time running out this year for the Senate to deal with financial regulatory reform legislation, Senate Banking Committee Chairman Christopher Dodd said Thursday he plans to offer his own bill after lengthy bipartisan talks failed to produce a consensus.
Dodd, a Connecticut Democrat, has been working since mid-February with Sen. Bob Corker (R-Tenn.) in hopes of crafting a bill to enact the most sweeping overhaul of financial regulations since the Great Depression. But while those talks have been fruitful, Dodd said Thursday “a few outstanding issues remain” and time is running out for the Senate to deal with a complex bill this year with midterm elections looming.
“It has always been my goal to produce a consensus package,” said Dodd, who has been engaged in on-again, off-again talks with Republicans since unveiling his own bill last fall. “And we have reached a point where bringing the bill to the full committee is the best course of action to achieve that end.”
Dodd said he will unveil his latest draft of the legislation Monday and wants his committee to begin considering a bill the week of March 22. But with Republicans holding enough seats to block any legislation, the failure to produce a bipartisan bill spells trouble for Democrats hoping to push through a regulatory overhaul that is one of President Obama’s top priorities.
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