Senator Chris Dodd hopes the Senate Banking Committee will begin work today on his new bill proposing tighter regulation of the financial system. As WNPR’s Harriet Jones reports, the Senator appeared recently in Connecticut to publicize the provisions in the bill he’s introduced.
Dodd unveiled his long awaited legislation last week, after breaking off negotiations with his republican colleagues on the Senate Banking Committee. He’s proposed beefing up the power of the Fed to regulate banks, establishing a new consumer protection agency, and placing restrictions on derivatives markets. Dodd has faced criticism from FDIC chair Sheila Bair that the bill could leave a loophole for backdoor bailouts of failing financial institutions. The Connecticut senator now says he’ll change that language.
Dodd says he now has a list of the almost 400 other amendments proposed, and he plans to begin marking up the bill in the Senate Banking Committee today.
For WNPR, I'm Harriet Jones.