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Sen. Chris Dodd (D-Conn.) could use some good press.
The Senate Banking, Housing and Urban Affairs chairman and embattled 2010 incumbent has pinned his re-election hopes on championing consumer protections, taking on the wildly unpopular credit card industry, and hitching his star to popular President Barack Obama, who has been pushing a crackdown on abusive credit card practices.
After all, Dodd needs to change the conversation from questions about his home mortgage deal with Countrywide Financial, concerns about how he came to own a vacation home in Ireland and constituent anger over his authorship of a legislative loophole that protected multimillion-dollar bonuses for American International Group executives. Then, just this weekend, the Hartford Courant published a stinging article questioning his wifes compensation on various corporate boards.
While Dodd has already benefited from editorials praising his bill, he may have to wait a little while longer to get his star turn on the Senate floor as the author of a measure restricting credit card fees and interest rate increases. Though Senate Majority Leader Harry Reid (D-Nev.) planned to bring the bill up this week, as of press time negotiations with Banking ranking member Richard Shelby (R-Ala.) were taking longer than expected. As a result, Reid was considering moving to a military procurement bill first pushing off the much-ballyhooed credit card bill until next week at the earliest.
But both Democratic and Republican aides said victory for Dodd and for Democrats in general is in the air. Most said the Dodd-Shelby talks were more likely than not to result in a deal that brings enough Republicans on board to protect the measure from filibuster.
One Democrat familiar with the credit card companies thinking said, The industry is bracing for defeat.
Indeed, Republican rhetoric on the bill has been muted, with even conservatives such as Sen. John Thune (S.D.) saying they merely want to amend the bill, not kill it.
It seems a given that were going to get a deal. Its just a question of when, one senior Senate Democratic aide said. The aide added that Republicans appear to recognize that the measure is not something theyre willing to walk the plank on.
Indeed, the bill presents a potential trap for Republicans and appears to be a win-win for Democrats. The presidential seal of approval provides Senate Democrats with the bully pulpit, which Obama used to great effect in late April when he hosted the credit card companies at the White House.
And if it passes, the majority can use the populist measure as a what weve done for you lately campaign theme. If Republicans block it, Democrats have a sharp weapon against the minority.
At a time of economic downturn, theyll be tied even more fiercely to the banks that got us into this mess, a Senate Democratic leadership aide said. Still, the aide added that the focus right now is on crafting a deal with Shelby, because We want the win.