Dodd to Unveil Financial Reform Bill Next Week

Posted March 11, 2010 at 9:07am

Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) will unveil financial regulatory reform legislation next week with plans to mark up the bill the week of March 22, just before Congress adjourns for a two-week Easter recess.

“On Monday, I will present to my colleagues a substitute to the original financial reform package, unveiled last November,” Dodd said in a statement Thursday.

“Over the last few months, Banking Committee members have worked together to try and produce a consensus package,” he added. “Together we have made significant progress and resolved many of the items, but a few outstanding issues remain.”

Dodd has negotiated with Republicans for months to craft a bipartisan package, first with ranking member Richard Shelby (Ala.), and more recently, with Sen. Bob Corker (Tenn.). The most controversial issue is how to structure a consumer protection agency. It is unclear if a resolution on the matter has yet been reached.

In his statement, Dodd called Corker “a strong partner” and noted his forthcoming proposal “will reflect his input and the good work done by many of our colleagues as well.” Still, his statement did not note whether his proposal garnered any Republican co-sponsors.

“It has always been my goal to produce a consensus package. And we have reached a point where bringing the bill to the full committee is the best course of action to achieve that end,” Dodd said.

“Our talks will continue, and it is still our hope to come to agreement on a strong bill all of the Senate can be proud to support very soon,” he said.