March 11th, 2010
12:05 PM ET
4 years ago

Financial reform bill coming from Democrats

Chris Dodd said Thursday that he will release a draft bill on Monday.
Chris Dodd said Thursday that he will release a draft bill on Monday.

Washington (CNNMoney.com) - A key Senate banking panel is poised to release and start working on its financial overhaul bill next week, despite a lack of consensus on some key issues.

Senate Banking Chairman Chris Dodd, D-Conn., said Thursday he planned to release a draft bill on Monday, even though a "few outstanding issues remain."

Dodd has been promising to release a draft bill for several weeks, but delayed it while trying to work with key Republicans on the panel. Regulatory overhaul cannot pass the full Senate without some Republicans on board.

The Dodd announcement may signal that the senator wants to get the process moving, with or without Republican support.

It was not specified by Dodd what the "outstanding issues" are. But one has been a proposed consumer financial protection agency and another has been how much regulatory power to strip away from the Federal Reserve.

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Filed under: Chris Dodd • Federal Reserve
soundoff (69 Responses)
  1. Jorge

    And lets not forget appealing the decision made by the Supreme Court to allow Corporations to count as Voters. If that's not Finance reform I don't know what else is.

    March 11, 2010 01:42 pm at 1:42 pm |
  2. Ben

    If people believe that Obama's policies are leading us down the wrong road why should they support him? Why shouldn't they hope he fails? It makes no sense to root for your country's destruction.

    March 11, 2010 01:45 pm at 1:45 pm |
  3. Rick McDaniel

    In this do-nothing Congress, I am willing to look at anything anyone is actually trying to get done.

    March 11, 2010 01:49 pm at 1:49 pm |
  4. MAC,Lakewood, CO

    As some one who has delt with government run health care (Tricare,US Navy, and Medicaid for my disabled son) I hope this bill does not pass and they start over. Even with the changes proposed in a 2nd bill to correct problems there are still legislators who have their pet benefits for their state who do not want them removed such as Mary Laundru, Chris Dodd, and John Kerry. We do need reform, but not this reform! Where is real Tort Reform and cost savings? If you believe the spin on this bill you deserve the problems. I do not want the government to get their foot in health care to take it over and get their one payer system! Everyone, including the poor should have to pay for a part of their health care. My wife sees to many of the poor at the slot machines everyday!

    March 11, 2010 01:49 pm at 1:49 pm |
  5. Dodd And Financial Reform = A Fox Watching A Chicken Coop

    Dodd & Frank are major reasons we are in the reccession to begin with.Loans made by Fannie Mae & Freddie Mac that knowingly could not be repaid.He is the last person to be in charge of financial reform.

    March 11, 2010 01:50 pm at 1:50 pm |
  6. aware

    Mr. Dodd, "New Creation" is God's gift, and he calls us to peace as in Shalom!

    Work in a bipartisan way or forget it! :)

    March 11, 2010 01:53 pm at 1:53 pm |
  7. TCM

    that's hilarious!! Dodd, along with Obama, Pelosi, and Reid were the catalysts for the economic meltdown in the mortgage industry....sending our markets into a tailspin...all to get a liberal in the white house and fund undeserving lazies.....and this clown's on the a quest for Financial Reform? Please, you've done enough, idiot.

    March 11, 2010 01:54 pm at 1:54 pm |
  8. Michael from Ventura

    The republiCANT party has no desire to get more jobs for Americans....they desire only ONE thing--destroy the president at ANY cost!! These were the ones with "Country First" signs during the campaign in 08--Such hypocrites!

    March 11, 2010 01:56 pm at 1:56 pm |
  9. Franky, Land of Lincoln

    I'm disappointing in you Dodd, you were close in having Senator Corker in your negotiations, why mess up a good bipartisan and socially exchange deal?

    But then out of nowhere you let everything go by because of the atmosphere and dimensions of your party. Just tell the truth Dodd and in your former colleagues, you just wanna compensate for the mistakes the GOp has done in the past and feel you deserve your shot. Reconciliation is nothing new so just man up and be honest, don't pretend you do.

    You got your shot but your letting it slip by every single day. And it only took you about a year to be where you at so a chnage in strategy may not be the best option, it may be the only option.

    Just face it, you may have the social Liberals and media, but not REAL America. Just tell the truth.

    March 11, 2010 02:00 pm at 2:00 pm |
  10. A True Centrist

    It's funny reading some of these comments...none of you have any clue what's in the bill yet you are ready to say it's great and the Republicans are obstructionists. Read Damian Paletta's article in the Wall Street Journal to really see what the Dems are trying to do here. Some of the contentious points? The Dems want power to disband private businesses if they feel the business might go out of business. Does this seem constitutional at all? Do even the Dems on this board want the government to have that kind of power over PRIVATE businesses? If they want to avoid using taxpayer money for bailouts, here is an idea....don't bailout the bankrupt companies!!

    March 11, 2010 02:10 pm at 2:10 pm |
  11. Kevin B

    Putting common sense regulation on the banking practices will be the begining of restoring consumer confidence. Leave it to the myopic and greedy republicans to blame the consumer for the problems we face, when in fact it was the deregulated loan industry and banks that sought out customers for the fleecing of america over the last decade.

    Do not expect one republican to vote in favor of regulating the financial sector because they are too deep in the pockets of banking lobbiest as they are with the health insurance lobbiest.

    Dems need to leave the GOP to defend the indefensible.

    March 11, 2010 02:19 pm at 2:19 pm |
  12. Tom L.

    Is there any industry that this President and democrats don't vilify? Why do so many liberals hate corporations that make a profit? Isn't that what this country is all about???

    March 11, 2010 02:20 pm at 2:20 pm |
  13. ran

    After passing health care using reconciliation then do the same here and on any other bills that needs to pass. Enough of the fear/hate/obstructionist/purity Republicans.

    Democrats and Mr.President just get things done already. Stop waiting for the Republicans to come around because they will not.

    March 11, 2010 02:21 pm at 2:21 pm |
  14. Ethan

    Republicans DON'T CARE.

    Not about financial reform.
    Not about health care reform.
    Not about the debt.
    Not about the deficit.
    Not about you.
    Not about me.
    Not about your family.
    Not about your grandma.
    Not about America.

    They aren't serious about serious issues.

    There's no other way around it. THEY JUST DON'T CARE.

    March 11, 2010 02:22 pm at 2:22 pm |
  15. jenn, philadelphia

    "Financial reform coming from the Democrats" ...isn't that an oxymoron or just moronic?

    March 11, 2010 02:26 pm at 2:26 pm |
  16. Miss Independence

    Dodd being a part of any kind of financial refrom is a bit hypocritical considering what a crook he is.

    March 11, 2010 02:27 pm at 2:27 pm |
  17. D. Bunker

    Hey all you ignorant righties, enough with the lies about how lending programs for the poor caused the meltdown. The vast majority of those predatory banks were not lending to the poor under CRA or any other government program. Your lies have been debunked by bankers who have ADMITTED that CRA had little to nothing to do with the meltdown.

    You nutjobs are entitled to your opinions. You are not entitled to make up your own facts. STOP LYING!

    March 11, 2010 02:41 pm at 2:41 pm |
  18. John

    Way to go Senator Dodd, the republicans will not negotiate in good faith because they don't want things to change. The republicans have built the corrupt system we have now, a system that favors the wealthy. It doesn't matter if the reform is in Health Care of the Financial System, the GOP loves what we have after all, they keep getting rich with the current system.

    March 11, 2010 02:50 pm at 2:50 pm |
  19. Randolph Carter, I'm no expert but....

    Wake Up March 11th, 2010 12:44 pm ET

    "So, we are trusting this legislation to those that CAUSED the crisis?
    Countrywide sweet-heart deal Chris dodd??? We want Barney Franks opinion, even though Fannie Mae failed under his watch (and his boyfriends??). The mainstream media is scared to report on Franks, but he looked the other way, while his boyfriend trashed Fannie mae."

    Hmmm... That's a pretty simplistic way of looking at it. Yes it was stupid to let people with little ability to pay buy homes that they couldn't afford. If that was all there was to it, all we'd have is a bunch of forclosures and a bunch of sorry banks. But that wasn't the whole story. What nearly brought down the entire world economy was a bunch of Wall Street types who should have known better bundling said shady mortgages into collateralized debt obligations without having the reserved capital to back them. Then these rocket surgeons started betting against them for short term gains as they collapsed. Meanwhile, the guys who rate investments and supposedly regulate the financial markets (who went to the same schools and came up through the same firms as the aforementioned rocket surgeons) looked the other way when they should have been doing their jobs. Unregulated capitalism at its finest. If, after all of this, you still believe that the "free market" is truly free and not constantly manipulated by the wealthy elite for their own personal gain, then you're not paying attention. Have a nice day!

    P.S. Ayn Rand is still an idiot.

    March 11, 2010 02:59 pm at 2:59 pm |
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