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Senate banking chief hopeful for financial reform bill
Senate Banking Committee Chairman Christopher Dodd listens to a testimony at the Senate Banking Committee on Capitol Hill in Washington in this July 23, 2009 file photo.
Credit: Reuters/Larry Downing/Files
WASHINGTON |
WASHINGTON (Reuters) - Senate Banking Chairman Christopher Dodd voiced optimism on Thursday that his committee could craft a bipartisan financial reform bill.
Dodd said he would negotiate the financial regulation legislation with Republican Senator Bob Corker, six days after saying bipartisan efforts had failed.
"I am more optimistic than I have been in several weeks that we can develop a consensus bill to bring about the reforms the financial sector so desperately needs to prevent another economic crisis," Dodd said in a statement.
Last Friday, Dodd said he was at an impasse with the top Republican on the banking committee Richard Shelby.
Dodd said he asked Corker to negotiate the bill with him. "We met in my office on Wednesday and given the importance of these issues he agreed," Dodd said.
Dodd, the chief architect on financial regulation in the Senate, introduced a draft reform bill in November. But that bill was met with stiff opposition from Republicans. Dodd then formed bipartisan groups to work on the most controversial parts of the bill, such as oversight of the $450 trillion over-the-counter derivatives market, corporate governance and banking regulation.
Corker had been working with Democratic Senator Mark Warner on new banking rules and a way to resolve large troubled financial firms.
(Reporting by Rachelle Younglai, Editing by W Simon )
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Wise voters are looking for a Teddy Roosevelt “Square Deal”, not the Faustian bargain with Wall Street, Democrats from financial corridor states struck like Dodd, Schumer, Lieberman, Kerry, Biden, and Frank. So far the wise have been bitterly disappointed by obstruction of even meek democratic reforms by Republicans like Shelby, Gregg, or Corker, who are oblivious to their own state’s interests, and the national good. Certainly the Fed deserves blame, but no one drove Wall Street’s masters of the lemming universe off the financial cliff; it was entirely self inflicted. The turn we need is not right or left, but towards accountability; we need no more Wall Street spin, or republican myth making, about supply-side, trickle down economics, which was no more than a massive expansion of private, as well as public, debt.
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