Dodd Sets Schedule for Reg Reform Markup

Senate Banking Committee chairman Christopher Dodd, D-Conn., has scheduled a committee meeting for November 19, giving members a chance to air their opinions on his comprehensive regulatory reform bill. Chairman Dodd wants to use the vetting session to gauge the level of support for his bill and see what changes are needed to forge a consensus. The initial draft of the legislation would consolidate bank supervisory activities into one agency, establish a separate consumer financial protection agency, and create a process for safely shutting down firms that are currently considered "too big to fail." So far, no Republican members have expressed support for the bill and a few Democrats have noted they have problems with some provisions. Sen. Dodd plans to release a revised draft of his bill on November 23. He wants the committee to meet December 2 to start the markup of the bill where senators offer and vote on amendments.