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.

Full story


Filed under: Chris Dodd • Federal Reserve
soundoff (69 Responses)
  1. Paul from Phoenix

    The "outstanding issues" that remain are putting Dodd and Frank in jail.

    March 11, 2010 11:03 am at 11:03 am |
  2. ThinkAgain

    The financial industry has proven that their only concern is short-term gain, without regard to the destructive global consequences of their decisions.

    And to those who claim that regulation harms business: It'd be great if regulation wasn't needed, but they are, just as laws against theft, rape, murder, etc. are needed.

    A consumer protection agency is also needed, just like police are needed.

    Criminals are criminals – it doesn't matter if their collars are blue or white – and the public needs to be protected.

    March 11, 2010 11:04 am at 11:04 am |
  3. ThinkAgain

    The Preamble to the United States Constitution states:

    "We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America."

    Regulating the financial industry and establishing a stand-alone consumer protection agency will go along way in fulfilling the promise so clearly expressed by these words.

    March 11, 2010 11:06 am at 11:06 am |
  4. John D

    What a joke! Anything with Dodds name even remotely attached will be a Democrats scam. The make it look like it is everyone elses fault when it is really there own. All they want is to make bigger government and add more employees to spend more of our tax dollars.

    Democrats are lower than whale dung!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Especially DODD!

    March 11, 2010 11:12 am at 11:12 am |
  5. Wisconsonite - Rush Wants to Move to Costa Rica - Where They HAVE Socialized Medicine!

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

    Of course Dodd is going to have to move forward without Repbulican support. If we've learned anything in the last 15 months it's that we can't depend on Republicans to support ANY piece of legislation that will acually help America!

    March 11, 2010 11:12 am at 11:12 am |
  6. cspurgeon

    GTet it done and get it done now. Go back and strenghten as appropriate..Get it done now.

    March 11, 2010 11:22 am at 11:22 am |
  7. A. Goodwin

    Why does it not surprise me that Republican's like Shelby have little patience to work together to pass this. I suppose it would be holding the republican's best corporate buddies accountable to the American people. And they certainly wouldn't want that.

    March 11, 2010 11:24 am at 11:24 am |
  8. People's Voice

    Did someone in the Dem party finally wake up? Have they finally learned that there is no desire for the GOP to do anything?

    It's a miracle.

    March 11, 2010 11:32 am at 11:32 am |
  9. Todd

    Same as health care. republicons lying out their keisters about how they are looking out for the average Joe while really blocking legislation that will cut wasteful and inefficient abuses by industry.

    Banking regulation is long overdue. We cannot afford to let these geniuses crash the economy again, and they will as they always do in the absence of robust oversight, but republcons are willing to sink the shoip of state so long as they get to stand at the helm while it goes under water. In short they bite the big stinky one.

    March 11, 2010 11:33 am at 11:33 am |
  10. Adam

    Wait, I thought the Republicans were the fiscal responsibility party. Why haven't they come out with a plan? Oh yeah, they were too busy saying no to everything. I bet they try to block this bill too. Why can't they get behind some stuff constructively and work with people and get stuff done? That's why we vote them into Congress isn't it?

    March 11, 2010 11:34 am at 11:34 am |
  11. Grundoon

    It's about time!

    March 11, 2010 11:34 am at 11:34 am |
  12. Ken in NC

    I suspect that Republicans that are in the minority have given instructions to the Democratic Majority on how they want this financial reform bill to look after it is watered down. This is the first time I have ever seen a group negotiate itself down on legislation that it wants.

    The people do not want to see the banks and Wall Street do to our financial system again what they just finished doing and yet I read where AIG says they are going to keep some CDS. The lobbyist are working for Wall Street to keep reform to a minimum so they can go right back to doing what they have been doing and then end up right back in the same boat. The difference the next time is they will not be thrown a life line from the tax payers. Either greed makes people really stupid or stupid people thrive on greed.

    March 11, 2010 11:35 am at 11:35 am |
  13. Jeff Spangler, Arlington, VA

    "Help me, please! I'm too dumb and poor to figure out why spending money I don't have on stuff I don't need isn't working."

    March 11, 2010 11:35 am at 11:35 am |
  14. I Double Dare You

    I dare republicans to vote against any legislation from henceforth that looks out for the working American. I double dare them.

    March 11, 2010 11:35 am at 11:35 am |
  15. whybs on twitter

    Dodd,

    Yes, do the right thing - you don't run for reelection.

    Show them what you can do in less than 10 months! :)

    March 11, 2010 11:37 am at 11:37 am |
  16. Ken

    Dodd is a key contributor to our economic collapse.

    How ironic is it that after 3 years of a Democrat congress dragging this country to its financial knees, this guy is still inflicting damage.

    March 11, 2010 11:41 am at 11:41 am |
  17. John Donaldson

    Do not let the Republican party stop this regulatory overhaul.

    March 11, 2010 11:42 am at 11:42 am |
  18. Pragmatic

    "...political will to tackle such a complex initiative could crumble as the campaign season picks up this summer..."

    All politics – all the time ... never what might be good for the American people ... elect everyone for 4-6 years ... and no re-election. That way they could concentrate on running the country instead of always running for office. Add in an easy recall process for those who fool around and we're good to go!

    March 11, 2010 11:49 am at 11:49 am |
  19. SLM

    What a joke that Dodd is involved in this. How can these people live with themselves. They are so out of touch with reality and they must think we are really stupid.............well, yeah, some fools still vote for these corrupt Democrats.

    March 11, 2010 11:53 am at 11:53 am |
  20. ronalde

    why are the repugs blocking this,anything to try and help the american people they are against,shelby should be removed.

    March 11, 2010 11:54 am at 11:54 am |
  21. Anonymous

    No sellling-out to the Republicans and their big $ banker cronies! Stop capitulating to Paulson's pals.

    March 11, 2010 11:55 am at 11:55 am |
  22. Victim of GOP Taliban

    No sellling-out to the Republicans and their big $ banker cronies! Stop capitulating to Paulson's pals.

    March 11, 2010 11:56 am at 11:56 am |
  23. rdepontb

    Senator Dodd,

    Thank you for forging ahead with this bill. We cannot wait forever-the other side, Republicans, seem to want the country to fail totally, and leave it to chance-or to those who've been getting all of the bailout, insurance, and health cost monies thanks to you-know-who. Even those Republicans are getting very, very worried that they went too far, that we may not be able to get things back on track. You are doing the brave thing, sir, and you are appreciated.

    March 11, 2010 12:00 pm at 12:00 pm |
  24. Doug,lib jersey

    Financial reform from Chris Dodd, only the Democrats could come up with that. Next will be a seminar on how to protect your cold hard cash from William Jefferson.

    March 11, 2010 12:00 pm at 12:00 pm |
  25. LIP

    Financial overhaul would have been nice way back in 2006 when George Bush requested it, but instead Barney and Chris laughed in his face and said "no to that". Now he wants to make it look as if it's their idea, after all the money we have spent and after the near crash of our economy.

    March 11, 2010 12:00 pm at 12:00 pm |
1 2 3