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Modified financial reform bill to be presented to Senate Banking Committee
By Angela Hawke on Mar 13th, 2010
Connecticut Democratic Senator Chris Dodd said recently he would introduce a modified bill that could affect consumers and financial institutions.
For a number of months, lawmakers on Capitol Hill have been wrangling over financial reform, including the scope of a proposed Consumer Financial Protection Agency. Republicans have bristled at the idea of having a stand-alone agency that would take power away from other federal regulators.
Dodd, chairman of the Senate Banking Committee, has been working with a number of Republicans, including senators Bob Corker and Richard Shelby. The goal was to try to develop financial reform on which both parties could agree.
"Together we have made significant progress and resolved many of the items, but a few outstanding issues remain," Dodd said.
The revised legislation is expected to be presented by Dodd to the committee March 15, while a markup will start March 22.
Other federal reforms have already taken effect, including the Credit Card Accountability, Responsibility and Disclosure Act. With these provisions, consumers now get a snapshot of how long it would take to settle credit card debt if they make only minimum payments.
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