Christopher Dodd, the chairman of the Senate Banking Committee, is looking to unveil a financial overhaul proposal of his own design Monday. Dodd is looking to loosen the gridlock on financial legislation, though the Connecticut Senator has yet to collect a single Republican approval.
Dodd said he expects the committee to take up the bill on March 22. He feels the situation became urgent as partisan squabbling kept the regulatory overhaul adopted by the House from being fully realized. Bipartisan agreements in the Senate are consistently thwarted by a number of key points, particularly the formation of a consumer financial protection agency charged with regulating mortgages, credit cards and other products.
Dodd’s decision to push on without negotiating is angering many members of Senate particularly Republican Senator Bob Corker who referred to the altered plans as “very disappointing.” Corker had been among the primary negotiator with Dodd and considers his passing such a substantial bill with more consideration, “a travesty.”
At this point, Republican and Democrats have agreed only insofar as the creation of a consumer financial protection agency, No details have been settled in terms of where it should be housed or the level of authority it should exercise in write and imposing rules restricting deceptive practices.
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