Word: reform
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Dates: during 2000-2009
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...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...
...That doesn't mean the process is any less messy. There are three versions of financial reform in play. The Administration unveiled its plan in mid-June. Barney Frank, chairman of the House Financial Services Committee, will bring his recently unveiled version to markup in committee as early as this week. Frank and the Administration, represented by Treasury Secretary Timothy Geithner, spent weeks in negotiation, and Frank's bill closely tracks the Administration proposal...
...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...
...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...
...hard it is for congressional Democrats to pass anything on their own: the bill was nearly brought down by last minute objections from 64 pro-life Democrats who wanted to tighten restrictions to ensure that no federal funding of abortions could possibly occur as a result of the reforms. Likewise, in the Senate, Reid's toughest task in the coming weeks will be to convince moderate Dems to vote for a bill that includes a public alternative to private insurers in order to help keep down costs - a provision that Republicans have criticized as the first step to socialized medicine...