Word: dodds
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Senate Banking Committee chairman Chris Dodd unveiled a bill to increase oversight of the financial industry, a move he said would better equip the country to deal with future economic crises. But Wall Street has already balked at his plan, which includes a new consumer-protection bureau, gives shareholders input on CEO pay and improves regulation of credit-rating agencies such as Moody's and Standard and Poor...
Congress is now approaching a crucial opportunity for financial reform. Such a reform must be tough and intelligent, as a weak reform would create a dangerously false illusion of security and stability. The House passed a major regulatory bill in December, and now Chris Dodd has brought his own Senate proposal to the floor, for debating over the next few weeks. Financial regulation must specifically address capital requirements for banks, the tools to liquidate failed financial institutions, consumer protections, derivative trading, and the immense trading operations of many major investment banks...
...fact, Dodd said Thursday that he's still optimistic about a consensus bill. He hinted that when he unveils his draft on Monday, it will reflect the compromises he's already made with Corker. But common sense, as well as leaks from their talks, suggest that those compromises - stripping the consumer agency of enforcement power, exempting payday lenders from new regulations, blocking any state regulations that are stricter than federal ones - would remove teeth from the bill. And perversely, that would make consensus - which is pretty unlikely anyway - just about impossible...
...Dodd is right that he can't try to shimmy past a filibuster in an election year by cobbling together 59 Democrats and a Republican; it's probably hopeless, and certainly hopeless without cutting unsavory deals like the toxic Cornhusker Kickback on health care. But weakening the bill won't get him to 60 either; it will just alienate Democrats committed to reform in the House as well as the Senate, while most Republicans will still find some reason to oppose...
...case, a weak bill would face insurmountable odds. So hanging tough is not just better politics for Democrats; it's the only chance for Dodd to burnish his legacy. And after the worst regulatory breakdown in 80 years, it also happens to be the right thing...