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. Anonymous

    It's telling that the parts of the financial industry that the Republicans are trying hardest to shield from regulation are the most predatory ones: the payday loansharks, the sub-prime credit card companies, Bank of America (yes). The goal of this parasitic industry is to trap people, who admittedly should know better, into lifelong debt bondage by deception and obscenely high interest rates. Does the government have a role in trying to protect them? Democrats say yes, Republicans say no. The fact that Republicans receive large payments from these industries explains it all.

    March 11, 2010 12:07 pm at 12:07 pm |
  2. DC

    How much tax is OK? This year you and I will work 3.5 months to pay our taxes. That is more than we will spend on our food, clothing and housing combine (check the facts). Why can’t the government take our 3.5 months of taxes and spend it correctly. I like my public conveniences as much as any one- roads, parks, etc. But I don’t want to pay more than my 3.5 months. So I ask, how much do you politicians think is enough 4,5,6 or more months? Please take everyone else’s lead (successful companies, everyday citizens, etc.) and reduce your spending within a budget!!!

    March 11, 2010 12:21 pm at 12:21 pm |
  3. Angie in PA

    We need Protection from the crooks on Wall st and if no regulation is set you think this last financial meltdown was bad you aint seen nothing if something is not done to watch the greedy crooks! about time Democrats are waking up to the Fact REPUBLICANS DO NOT WANT TO WORK WITH YOU! Even if it is good for the people!

    March 11, 2010 12:23 pm at 12:23 pm |
  4. Rickster

    The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.

    The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.

    Sorry Barry, no more blaming it on George Bush.

    March 11, 2010 12:30 pm at 12:30 pm |
  5. LacrosseMom

    The financial reform that is needed is tough regulations for the banks and Wall Street so they can no longer bet on American homeowners.

    Also, Americans need to start living within their means and pay off debt. Its ironic that .... some..... Americans are so upset about the national debt but they themselves are in debt up to their eyeballs. And..... they never complained when Bush started wars we could not ...... pay for!

    March 11, 2010 12:34 pm at 12:34 pm |
  6. Marty, FL

    Good to hear. Considering the economic liabilities our country has faced, finance reform should have bipartisan support.

    If legislators on either side were to put corporate greed ahead of average Americans, voters should hold them accountable next election and replace them with true public servants who put our interests and protections first.

    March 11, 2010 12:36 pm at 12:36 pm |
  7. Cromwell

    This should have been a theObama Administation's top priority rather than Healthcare.

    America needs a Consumer Protection Agency with real power.
    The Dems should stop dragging their feet and pass a bill with real teeth, not a cosmetic bill, riddled with loopholes.

    The Repubs are going to try to stonewall and obstruct and block any bill that has teeth. The Dems know that they will never get Republican support for a bill that actually addresses the problem.
    The Democrats should stop wasting time trying to appease the Repubs and pass a real Consumer Protection Act.
    ~~~

    March 11, 2010 12:41 pm at 12:41 pm |
  8. J Russ

    let's see..........the government regulates the banking industry by telling them they must loan to people that cannot afford to repay the loan..........so then the government (in the form of Freddie Mac and Fannie May) tells the banks that they'll buy back the bad loans.............then the loans go into default, the govrnment blames the banks............. and now wants to regulate them some more.

    still hoping for change

    March 11, 2010 12:43 pm at 12:43 pm |
  9. thersa

    Republicans don't want financial reform. Is there a better way to bankrupt the US than to drain the treasury right into the bank accounts of the rich? Their previous favorite deficit buster was war but this is so much better.
    Think I'm making this up? Right-wing demi-god Grover Norquist was the one you said the goal was to weaken the government enough to "drown it in the bathtub." Why do you think Republicans always run up deficits?
    Traitors, all.

    March 11, 2010 12:44 pm at 12:44 pm |
  10. Wake Up

    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.

    Get with it dems...your dems are just in bed with different people, but they cause WORSE damage, because they want more money and more power. That is why, we want LESS GOVT NOW.

    March 11, 2010 12:44 pm at 12:44 pm |
  11. T1 in Va

    The goal of the Republican party is for President Obama to fail! Period dot. When Limbaugh and that other republican said I hope Obama "FAILS" within a couple of months of the President being in office or that he "CAN BREAK" Obama or make HC Obama's "WATERLOO" it was plainly obvious that he was not interested in helping the working class. We (the smart ones) should be able to figure out that it is not about the American people or this country as the Repubs claim, it is about making President Obama fail at all costs!!!!!. The ugly truth .

    T1

    30 Year Military veteran

    March 11, 2010 12:47 pm at 12:47 pm |
  12. SocialismBad

    How comforting it is to see the face of one of the most corrupt Democrats in Congress, Dodd, as the face of "finance reform"!

    This is the same incompetent and corrupt dirtbag that watched and lined his pockets as Fannie Mae and Freddie Mac went bankrupt requiring hundreds of billions of TAXPAYER MONEY to bail them up. Why don't the Democrats just release Bernie Madoff from prison to do this "reform"??!! He's caused less damage than this fool Chris Dodd!!

    March 11, 2010 12:53 pm at 12:53 pm |
  13. Read the contstitution

    T1 turn off your basmement blogs. Obviously, they want Obama's socialistic policies to fail. If you were in the military that long, how could you want a president to disarm the very thing you fought for? You left wingers are a joke. It's not my fault that you people chose to be on welfare and want govt assistance. I'm tired of paying for it.

    March 11, 2010 12:55 pm at 12:55 pm |
  14. Rush is the Modern day Golden Calf

    Its about time.

    March 11, 2010 12:58 pm at 12:58 pm |
  15. CHANGE.COM

    This is a type of bill that should be jammed through with or without republican support. Republicans in congress have been standing in the way of several reforms that would affect their corporate buddies for a while now. Screw them all. Let's work to protect the American people, Congress!

    March 11, 2010 01:02 pm at 1:02 pm |
  16. phoenix86

    I'm sure the democrat's proposal will have the full backing of Wall Street.

    March 11, 2010 01:05 pm at 1:05 pm |
  17. Paul Ernest Show

    Anything to end corporate greed, manipulation, and outright rip-off of consumers is worthwhile. Am speaking from personal experience. If all the banks give me back all the money they have made from me the past two years, I would not be struggling. It is crime-what they do with consumers.

    March 11, 2010 01:05 pm at 1:05 pm |
  18. stevegee

    Getting a financial reform bill from Dodd is like having the fox reform the henhouse.

    He helped create the colossal regulatory mess that caused the Great Recession. Now he's going to try and fix it. That's a bit rich!

    March 11, 2010 01:05 pm at 1:05 pm |
  19. gt

    dodd is doing what. ?....umg,,,,reform.... dodd as the one leading the charge ?,,,, this is insane ...nobody trust this guy ....

    March 11, 2010 01:06 pm at 1:06 pm |
  20. Doug,lib jersey

    If taker libs got off the entitlements, lived within their means, and had the responsibility to not get mortgages on homes they never could or intended on paying for then we wouldn't have this mess.

    Remember, when Bush and other republicans talked about fixing this fanny mae freddy mac lib-bull____ they were called racists and other names by the greedy libs.

    It is telling how all Democrats think that the money hard working Americans earn belongs to the government, as if they are somehow stealing from the libs entitlement masters.

    March 11, 2010 01:08 pm at 1:08 pm |
  21. Fed Up

    Yeah. Whatever!

    March 11, 2010 01:08 pm at 1:08 pm |
  22. Capt. Snarky

    Cmon, can we "REALLY" trust Dodd with Financial reform? REALLY? And the Liberals think the Republican are crooks........................

    March 11, 2010 01:08 pm at 1:08 pm |
  23. pat c.

    PLEASE DEMOCRATS.. START DOING WHAT BARACK OBAMA WAS ELECTED BY THE MAJORITY OF AMERICANS TO DO!!!!
    i voted for our president but i would not vote for any of these weak spined dems in congress right now. our president will get more accomplished in 2012 after these spinless whimps are defeated. americans want change,not the same old bickering over power that has crippled washington. DEMOCRATS...START SUPPORTING OUR PRESIDENT AND WE THE PEOPLE! GET THE HEALTH CARE BILL PASSED AND MOVE ON TO JOBS FOR ALL AMERICANS.

    March 11, 2010 01:09 pm at 1:09 pm |
  24. richp the poconos

    Love to see our banking industry slapped with some sharia law and riba, that would let the wind out of the speculators.

    March 11, 2010 01:18 pm at 1:18 pm |
  25. a health economist

    hey DC,

    since you seem to be cutting and pasting your comments in multiple articlers I'll comment to you again. The 3.5 months is the national average based on the tax system. This equals roughly $430,000 averaging to a tax of 29.17%. I'm in the 25% tax bracket and I'd be done with taxes in roughly 2 months.

    I saw your exact same cut and paste a few weeks back and specifically did the calculations to respond to you. I had fun doing it too. :-)

    March 11, 2010 01:39 pm at 1:39 pm |
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