Senator Chris Dodd has called on Republicans to allow debate on his finance regulation reform bill. Dodd has been in last minute negotiations with GOP senators this afternoon in an effort to broker a compromise. WNPR’s Harriet Jones reports.
Democrats in the Senate have scheduled a procedural vote on the legislation for this afternoon. Dodd’s bill would give the Fed more power to regulate banks, bring innovative financial instruments like credit default swaps under supervision for the first time, and create an agency to protect consumers of financial products. But Republicans are threatening to stop the bill reaching the Senate floor. Dodd spoke to reporters in Hartford this morning, before flying back to Washington for more talks with Senator Richard Shelby the ranking Republican on the Senate banking committee.
Republicans say they may bring forward their own version of a financial regulation reform bill, rather than allow debate on the Democrats’ legislation.
For WNPR, I'm Harriet Jones.