Next? Financial Services Reform... Dodd's Bill

Re-Published March 21, 2010, 11:53 pm, CST

Published March 19, 2010, 8:24am, CST

by Diane W. Collins


Sen. Chris DoddWhile we continue to be fixated on Health Care the Democrats are beginning their new battle, Financial Services reform. Monday, March 22nd Sen. Chris Dodd, Chairman of the Senate Banking, Housing & Urban Affairs Committee will be "marking up" the Restoring American Financial Stability Act of 2010. The proposed legislation which is more than one-thousand pages has been posted to the committee web site and is accompanied by an eleven page summary.


An Executive session will begin per the committee web site at 5 pm, EST, March 22nd. In remarks on the Senate floor last week Sen. Dodd stated amendments to the bill filed March 15th would be posted Friday, March 19th by 12:00 noon EST. The Chairman went on to say the committee would take the weekend to review the amendments, some of which may not make it into the bill. But, he assured Sen. Richard Shelby (R-AL), Ranking Member the process would be handled in a civil manner. Regardless, the March 22nd mark up session is to be webcast live.


The proposed bill has been a bipartisan creation of sorts including the efforts of Sen. Mark Warner (D-VA), Sen. Richard Shelby (R-AL), and Sen Bob Corker (R-TN). Last week, Sen. Bob Corker (R-TN) was "blind sided" by Sen. Dodd's push to get the legislation out of committee. We reported that this could be the cover or strategy for a change of "talking-points" should the Health Care reform legislation run into problems. Now with the passage of Health Care Reform, Dodd's bill may simply turn out to be "the rolling stone that gathered no moss."


We believe this is worth watching. Even as the Democrats take over one-sixth of our economy with health care reform they are turning their attention to our Financial Services Industry. Like Health Care there are areas of reform that are desperately needed. Let's make sure that is what is addressed, unlike this Health Care debacle. And, with all due respect it is difficult not to mention the irony. Treasury Secretary, Tim Geithner did not pay his taxes. Sen. Dodd took a sweetheart deal from Countrywide... And the beat goes on.



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