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.