A good summary
March 16, 2010 | alternatives, federal legislation, industry | Comments (0)USA Today on the Dodd bill:
Trying to fix the broken U.S. financial system is no way to win a popularity contest. Standing by himself, Christopher Dodd, chairman of the Senate Banking Committee, on Monday announced his second attempt to plug loopholes in financial regulation and find ways to prevent a repeat of the crisis that overtook Wall Street in late 2008. His first attempt was declared dead on arrival last fall by his Senate colleagues.The House of Representatives passed its version of financial reform in December.
Dodd’s new plan on Monday faced an immediate barrage of criticism. The American Bankers Association said it imposed too much regulation; consumer groups said it imposed too little. “It’s a far distance from what we had hoped for,” says John Taylor, president of the National Community Reinvestment Coalition.
Political observers expressed doubts that the plan would become law, considering that Dodd, D-Conn., would need to win over Republican votes to get the 60 required to break a filibuster and ensure passage in the Senate.
Brian Gardner, who follows regulatory issues for investment firm Keefe, Bruyette & Woods, gives it a 40% chance of passage. “It’s going to be tough,” he says.
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