Dodd Banking Reform Bill to be Introduced Next Week

Senate Banking Committee chairman Christopher Dodd, D.-Conn., said he will unveil his long-awaited financial services regulatory reform bill on March 15. The chairman has worked with Sen. Bob Corker, R.-Tenn., for the past several weeks to achieve a bi-partisan bill. But it appears negotiations have come to an impasse over the regulatory and enforcement powers a new consumer protection chief would wield. "Together we made significant progress and resolved many items, but a few outstanding issues remain," Sen. Dodd said. The reform bill covers regulation of derivatives, resolution of large financial firms, detection of systemic risks and consolidation of supervision of national banks and federally chartered thrifts. Sen. Dodd said the banking committee would meet during the week of March 22 to mark up and vote on the bill.