Dodd's Reform Bill on Shaky Ground

Senate Banking Committee Chairman Chris Dodd abruptly abandoned his plan to press ahead with a partisan vote on his regulatory reform bill next month after running into bipartisan opposition. During debate on the legislation Thursday, several panel members said the legislation was not well constructed and nowhere near ready for quick action. Though lawmakers said they generally agreed on the goals of the Connecticut Democrat's legislation, they faulted just about every part of his execution. Republicans were particularly critical, arguing that Dodd was being hasty. But several Democrats also raised objections to the bill's core concepts, including creation of a single banking supervisor. Sen. Michael Bennet, D-Colo., warning of "unintended consequences in the bill," urged Dodd to create a bipartisan product before moving forward.