March 22nd, 2010
04:52 PM ET
5 years ago

Senate panel starts work on Wall Street reform

The bill put forth by Senate Banking Committee Chairman Christopher Dodd, D-Conn., would create a new consumer regulator housed inside the Federal Reserve.
The bill put forth by Senate Banking Committee Chairman Christopher Dodd, D-Conn., would create a new consumer regulator housed inside the Federal Reserve.

Washington (CNNMoney.com) - A key banking panel was scheduled to begin consideration Monday of a draft bill of sweeping regulatory changes aimed at warding off future collapses in the financial system.

The bill put forth by Senate Banking Committee Chairman Christopher Dodd, D-Conn., would create a new consumer regulator housed inside the Federal Reserve to ensure consumers get a fair shake with mortgages and credit cards. It would also push banks and financial firms to strengthen capital cushions and create a new process for taking down giant failing companies and preventing future Wall Street bailouts.

The Senate banking panel was scheduled to start meeting at 5 p.m. ET Monday and could pass the bill along party lines as early as this evening. They may move quickly, because the 10 Republicans on the 23-member panel won't offer any changes and plan to oppose the bill, said a source familiar with the negotiations.

Republican lawmakers have told Democrats that they are willing to work with Democrats and hammer out a bipartisan bill before it goes to the floor in coming months, Congressional aides say.

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Filed under: Chris Dodd • Federal Reserve
soundoff (21 Responses)
  1. Doddsey

    Was not dodd in charge of overseeing the fannie and freddie fiasco that was part of the economic collapse? God help us if he's running the financial takeover over of America.

    March 22, 2010 04:55 pm at 4:55 pm |
  2. Steph

    I'm so happy to see that at least some in our government are moving ahead with what they were elected to do. The other side is more than welcome to join whenever they finish their temper tantrum.

    March 22, 2010 04:55 pm at 4:55 pm |
  3. Pay For Performance

    This should be broader than Wall Street. Is should be all executive compensation reform.

    There is no reason that the average Senior VP, COO, CFO, CEO, CTO should be paid 10 time, 20 times, 50 times, 100 TIMES that of the average worker.

    These reforms should require all public companies to list the compensation of their TOP 50 leaders and divide this by the profits of the company in the current year and the pass 5 years. With this information, shareholders can hold executives accountable for performance.

    March 22, 2010 05:02 pm at 5:02 pm |
  4. Sniffit

    No wonder the GOP wants to keep the focus on health care by attempting to repeal the bill...

    BTW, grow a pair Dems. The Fed has NO BUSINESS associating in even the slightest manner with a consumer protection agency. The only reason the GOPers/conservatives want that is because they know the Fed is full of high rolling wh-res for corporate America...they even say so when they're calling for the Fed to be disassembled. of course, that's pretty much true of anything the GOPers say: you can cite them saying exactly the opposite at some point when it was convenient to do so.

    March 22, 2010 05:03 pm at 5:03 pm |
  5. A keen observer

    I guess refusing to offer any ideas and just oppose everything is the republican's idea of working with Democrats. This sounds like obstructionism to me; republicans must be idiots!

    March 22, 2010 05:08 pm at 5:08 pm |
  6. Kevin in Ohio

    Fox in the Hen House. We want THIS criminal working on financial reform?????????????????

    March 22, 2010 05:11 pm at 5:11 pm |
  7. Ridgeway

    First health care, now the monetary and banking system. Communism at it's finest. None of thos e crooks in the Democratic Party should be allowed near our money

    March 22, 2010 05:11 pm at 5:11 pm |
  8. Avg Guy in Red State Kansas

    Ah yes... and here is yet ANOTHER issue the GOP will try to destroy. After all, regulatory changes that will prevent the big banks from bilking Americans out of yet MORE money is something they simply won't tolerate.

    The big banks and credit card companies are a major GOP cash cow. Those of us who are peons (most Americans, unfortunately) don't stand a chance again Congress and the fat cats.

    March 22, 2010 05:15 pm at 5:15 pm |
  9. ib

    What a joke; Dodd over seeing banking reform.

    March 22, 2010 05:16 pm at 5:16 pm |
  10. glen Wilson

    It is nice too see that congress is pushing ahead on legislation in this area! Only one problem. The financial collapse was driven in part by the federal government through lax oversight at Fannie Mae and Freddie Mac. This financial meltdown did not have to happen, and would not have happened if our government had not allowed these agencies to guarantee sub-prime loans. Now they want to reform Wall Street? Clean your own house first.

    March 22, 2010 05:29 pm at 5:29 pm |
  11. Dean

    Chris Dodd reforming the financial system......The same as the fox guarding the hen house.

    They worked all day Sunday. It should take our worthless lawmakers about 3 months to recover from that, then it will time for summer break. I guess we are safe from their stupidity until about this time next year.

    March 22, 2010 05:30 pm at 5:30 pm |
  12. cspurgeon

    Lets get it done. Of course the Republicans won't vote against the banks...Make this one public as hell so the people can see this.

    March 22, 2010 05:35 pm at 5:35 pm |
  13. Joyce

    Great, it's good to see all these issues get tacked and handled one by one. It's progress no matter how the Repubs put it. This country deserves a better opposition, one that actually sees beyond party lines. One that is constructive in it's criticisms. I've had enough of the Repubs childishness and narrow mindedness. I get the feeling they hardly understand the issues at times and choose to oppose the President no matter what.

    March 22, 2010 05:37 pm at 5:37 pm |
  14. Bill

    If one could find an honest senator it would be a better course of action than relying on a slime such as Dodd.

    March 22, 2010 05:40 pm at 5:40 pm |
  15. Anonymous

    the 10 Republicans on the 23-member panel won't offer any changes and plan to oppose the bill

    Wow. Talk about the party of NO. I guess "tax cuts" are the only idea the GOP has so they aren't going to participate in this discussion. What a bunch of sore losers.

    March 22, 2010 05:48 pm at 5:48 pm |
  16. Bob in Pa.

    They will not be happy until the federal government is the only Bank and Insurance company in town.

    March 22, 2010 05:50 pm at 5:50 pm |
  17. Debby

    Oh please Dodd is the main reason for all this banking and wallstreet collapse. You put a crook in with crooks good going DemocRATS.

    March 22, 2010 05:53 pm at 5:53 pm |
  18. Gertie

    That hopey change things workin' out just fine. How's that hate-filled rhetoric workin' for ya?

    March 22, 2010 06:04 pm at 6:04 pm |
  19. LacrosseMom

    Oh.....oh......... let the war continue! The Republicans will pop a vein with this one!

    March 22, 2010 06:16 pm at 6:16 pm |
  20. Enough

    Too funny that this crook Dodd can even attempt this with a straight face.............corrupt creep that he is.

    March 22, 2010 06:59 pm at 6:59 pm |
  21. snood

    About time its only ben a year or more we have been talking about needing something done

    March 22, 2010 07:47 pm at 7:47 pm |