Dodd's bipartisan push may signal end for consumer protection agency

Senate Banking Committee Chairman Christopher Dodd, D-Conn., said today he will work with Sen. Bob Corker, R-Tenn., a member of the Banking Committee, to write a new draft of the financial-services reform legislation the committee has been considering.
MAR 15, 2010
Senate Banking Committee Chairman Christopher Dodd, D-Conn., said today he will work with Sen. Bob Corker, R-Tenn., a member of the Banking Committee, to write a new draft of the financial-services reform legislation the committee has been considering. Mr. Dodd's announcement that he's teaming up with the conservative Republican may be another nail in the coffin for President Barack Obama's proposed Consumer Financial Protection Agency. The establishment of such an agency was included in modified form in the financial services reform bill approved in December by the House of Representatives. But Mr. Corker and other Banking Committee Republicans have opposed the CFPA, as have banks and other financial service companies. Teaming up with Mr. Corker it may be the best hope Mr. Dodd has of reviving the stalled financial service reform bill. Other bipartisan pairs of Senate Banking Committee members have been trying to negotiate a compromise bill. "Sen. Corker has proved to be a serious thinker and a valuable asset to this committee," Mr. Dodd said in a release. "For that reason I called him Tuesday night and asked him to negotiate the financial reform bill with me. We met in my office on Wednesday and given the importance of these issues, he agreed." While there are still many difficult questions remaining, "financial reform is in a strong position, due to the good work done by Banking Committee members, both Democrats and Republicans," Mr. Dodd said, adding that he is "more optimistic than I have been in several weeks that we can develop a consensus bill."

Latest News

Financial advisors, what is your volatility game plan for client management?
Financial advisors, what is your volatility game plan for client management?

With targeted "comfort calls" and strategically automated follow-ups, advisors who leverage their CRM systems effectively can show up when clients need them most.

Trump eyes no taxes for Americans making less than $150k, says Lutnick
Trump eyes no taxes for Americans making less than $150k, says Lutnick

The plan could offer $24,000 in relief for some taxpayers, but experts warn of consequences.

No new trial for convicted GPB Capital executives
No new trial for convicted GPB Capital executives

"I've seen lots of denial in this business but this GPB thing take the cake," says one industry executive.

BlackRock-led deal for Panama Ports draws ire from China
BlackRock-led deal for Panama Ports draws ire from China

Commentary from state-owned publication blasts sale to investor consortium as "spineless groveling," denting Hong Kong-based firm's stock.

Gold soars past $3,000 as Trump turbocharges record rally
Gold soars past $3,000 as Trump turbocharges record rally

Higher interest rates and a strong US dollar, which traditionally act as headwinds, haven't deterred market-stung investors from seeking refuge in the yellow metal.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies