Word: dodds
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...weeks ago, Senate Banking Committee chairman Chris Dodd unveiled an ambitious, far-reaching plan to reform regulation of America's financial system and quickly found himself facing a brick wall of opposition erected by Republicans, regulators and financial-industry bigwigs. Now he's trying to work with Republicans to get the thing moving again. (Read "Financial Regulation: Way Easier Than Health Care...
...differences, the White House is sanguine about the content of Dodd's bill. "[Dodd] may be right that a tough, strong bill is the easiest to get through with Dems," says an Administration official...
...worst-case scenario, Dodd wants the SEC and FDIC to continue to have the power to dissolve failed banks, while the Administration would give power over big banks to the Federal Reserve. Dodd will also unveil new rules for over-the-counter-derivatives trading, whereas Frank has put off dealing with derivatives reform until next year...
...three reform packages aim to create a systemic-risk council that can impose emergency measures and unleash extra powers throughout government in case of a future meltdown like the one that almost destroyed the global economy last fall. Dodd differs with the Administration in who should head the council: he wants the President to appoint someone, while the Administration thinks it should be an internal player like the Treasury Secretary...
...remaining player is Alabama's Richard Shelby, the ranking Republican on the Senate Banking Committee, who has been in talks with Dodd for months. His office opposes the CFPA, likes the Dodd provisions that strip the Fed of authority, and backs a single regulator. But Shelby, like everyone else who pays attention to rules controlling the world's largest financial system, is waiting to see the details of Dodd's bill - which no one has yet - before he weighs in officially...