New regulation of the financial services industry seems a step closer after a joint statement on a bill being considered by the Senate Banking Committee. WNPR’s Harriet Jones reports.
Even as healthcare reform works its way through the Senate, there comes news that another major issue could also make progress in the new year. Senator Chris Dodd, the chair of the senate banking committee, has issued a statement along with ranking Republican Richard Shelby. The two say they expect to resolve their differences on an overhaul of financial services regulation before the end of January.
That’s a big change from just a few weeks ago, when Shelby dismissed Dodd’s initial draft bill. Dodd and Shelby say their talks have been extremely productive, and while they offered no specific points of agreement, they did list common goals for regulatory changes. The House has already passed its own bill on financial service regulation, but it did so on a strictly partisan basis, with no Republicans supporting the measure.
One of the major sticking points between Dodd and Shelby is known to be the proposed Consumer Financial Protection Agency – one possible compromise is thought to be the creation of an agency that would write consumer regulations but leave enforcement to bank regulators.
For WNPR, I'm Harriet Jones.