Word: dodd
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...Chris Dodd, chairman of the Senate Banking Committee, will unveil the third version of financial reform as early as Tuesday. Dodd, who faces a tough re-election battle in Connecticut in 2010, told his staff that the proposal put forward by the Administration didn't take into account the possibilities opened up by the enormous financial crisis of the past year. For political or policy reasons - or both - his bill is more aggressive on federal-oversight authority on a number of potentially controversial issues. "We should push for the biggest changes we can get," says Dodd spokeswoman Kirstin Brost...
...Dodd would like to gut bank regulators like the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Office of Thrift Supervision (OTS). He would give their power to supervise and regulate banks to a new, single bank regulator with power to set capital requirements and ensure stability. By contrast, the Frank-Geithner-negotiated bill in the House would do away with only the OTS, leaving the FDIC in charge of state-chartered-bank supervision, the OCC in charge of nationally chartered banks and the Fed in charge of complex...
...Dodd proposal would likewise strip the existing regulators of their consumer-watchdog role, putting that authority in a new, separate body, the Consumer Financial Protection Agency (CFPA). In this Dodd, Frank and Geithner agree that a single agency should not be responsible for both ensuring bank stability (read: profitability) and protecting consumers. The CFPA would have rule-making, supervisory and enforcement authority to hunt abuses in lending and fee-setting. The FDIC would continue to exist as an insurer of deposits, while the Fed would continue to control monetary policy and oversee national financial stability...
...regulators and the Federal Reserve to limit risk among the nation's biggest financial institutions, and to dissolve those institutions in an orderly way if they fail. At the same time, the Senate is moving ahead with its own bill, with talk of a markup in Connecticut Senator Chris Dodd's Banking Committee before Thanksgiving. Treasury has even held preliminary discussions with Dodd and Frank staffers about how to meld the two bills, even though both versions remain in flux. Earlier in the fall, Geithner's staff went through their proposals line by line with the Senate Banking Committee...
...Democratic outreach to Shelby could signal a repeat of their credit-card-bill strategy. Some observers see Dodd and the Administration working to craft a bill close enough to Shelby's liking so that even if it gets rammed through the committee with Democratic base-pleasing measures he won't vote for, the bill can be reworked to gain his support on the Senate floor. That would give Dodd the political cover he needs for his 2010 re-election campaign, but would also give the Administration the Republican support they need for a solid legislative win. And it would give...