March 13th, 2010
10:33 AM ET
4 years ago

Senate takes a stab at financial reform

'The clock is ticking,' on financial reform, Sen. Chris Dodd said this week.
'The clock is ticking,' on financial reform, Sen. Chris Dodd said this week.

Washington (CNNMoney.com) - The head of a key banking panel is expected Monday to release a draft bill of sweeping regulatory changes aimed at warding off future collapses in the financial system.

While much of the attention has focused on battles over the creation of a new consumer regulator to ensure consumers get a fair shake with mortgages and credit cards, the final draft is expected to address other areas, including some lawmakers generally agree about.

Senate Banking chief Christopher Dodd, D-Conn., said Thursday that the "single most important thing we do in this bill" will be creating a new mechanism to prevent firms from becoming so big that their failure would threaten the entire financial system, spurring another universally hated $700 billion Troubled Asset Relief Program.

Also expected in the bill: New requirements for banks and financial firms to strengthen their capital cushions and new rules pushing some complex financial products to be traded on clearinghouses, instead of in the shadows as is currently done.

Full story on CNNMoney.com


Filed under: Senate
soundoff (8 Responses)
  1. Willy Brown

    It's a joke right? The same guys that broke the system are now trying to fix it?

    March 13, 2010 02:11 pm at 2:11 pm |
  2. Texas Jack

    First step fire OBAMA & BIDEN< PELOSI< REID You get the drift. Go one then get into the Republican side of the isle and start down thye ladder. All incumbants must go. They are useless. Have done nothing, will do nothing and the debt keeps climbing. These people are what you call fat calves. They're only interesting in fattening their pockets while they sell America.

    March 13, 2010 02:14 pm at 2:14 pm |
  3. Denna

    We desperately need finance reform. I understand the need for banks to make money, but their poor choices are part of the problem with this country's financial system. Banks need to be regulated and watched so that stock holders make decent profits and customers are protected. Bank C.E.O.'s are so convinced that they deserve those ridiculously big salaries that they take awful chances that wind up costing everyone. We need to go back to basics. One business should not hold the fate of the entire financial system in their hands.

    March 13, 2010 02:26 pm at 2:26 pm |
  4. ib

    Dodd is the last person with his history that should be telling banks how to conduct their business. What a joke.

    March 13, 2010 02:28 pm at 2:28 pm |
  5. Ancient Texan

    Chris Dodd is the last man in America that should have anything to do with any Financial Institution anywhere. He and Barney Franks brought this country to it's knees with their mishandling of Freddie/ Fannie and they want to be in charge of fixing it? Give me a break.

    March 13, 2010 02:40 pm at 2:40 pm |
  6. aware

    Sweeping regulatory changes will certainly stifle the creative inspiration that made America great in the first place. :(

    Stop the "ball and chain" ideology and go back to responsible freedom and personal responsibility!

    March 13, 2010 02:55 pm at 2:55 pm |
  7. BURNS FROM NH

    Please over look this poor example who serves in congrees as he may just got of bed and is no in full control of his facalilties. However
    he would like full control over us all.

    March 13, 2010 03:00 pm at 3:00 pm |
  8. jules sand-perkins

    The banks can't create wealth that does not exist.
    Our financial system reflects, by its health, society's productivity.
    Use of credit cards does not produce anything, and neither do government handouts.
    Regulation of credit cards will also produce nothing.
    Our citizens need to figure out what they can produce and get at it.

    March 13, 2010 03:39 pm at 3:39 pm |