Christopher Dodd

WASHINGTON (Reuters) - U.S. Senate Republican Leader Mitch McConnell said on Tuesday that a Democratic bill to revamp regulation of the financial industry must be revised to win support from his side of the political aisle. "It's a long way from being ready to go forward on any bipartisan basis," McConnell told reporters after Senate Republicans were briefed on the massive measure drafted by Senate Banking Committee Chairman Christopher Dodd. McConnell denounced the Dodd bill, saying like pending healthcare legislation, it is another proposal that "seeks to re-work a major part of our country." Citing public opinion polls, McConnell said: "The public is saying ... Read Full Story

WASHINGTON (Reuters) - Senate Banking Committee Chairman Christopher Dodd will unveil long-awaited draft legislation on financial regulation reform on Tuesday, his office said on Monday. Marking another step forward in a bid by the Obama administration and congressional Democrats to tighten bank and capital market rules, the Dodd bill has been under development for months behind closed doors. Analysts said it will garner little immediate support from Republicans, likely forcing significant changes in some of its major provisions before final Senate action is possible. In a departure from the Obama agenda, Dodd will call for centralizing bank supervision in one agency -- a contentious ... Read Full Story

WASHINGTON (Reuters) - A government financial stability agency would be created under a draft financial regulation reform bill from U.S. Senate Banking Committee Chairman Christopher Dodd obtained by Reuters on Monday. The long-awaited Dodd bill departs from earlier proposals already made by the Obama administration and under development in the House of Representatives by calling for the agency, which would identify risks in the U.S. financial system. Previous proposals have focused on establishing a council of existing regulators to police systemic risks. The Dodd bill would also establish a National Insurance Office that would be the first attempt by the federal government to monitor ... Read Full Story

WASHINGTON (Reuters) - U.S. Senate Banking Committee Chairman Christopher Dodd will unveil long-awaited draft legislation on financial regulation reform on Tuesday, his office said on Monday. Marking another step forward in a bid by the Obama administration and congressional Democrats to tighten bank and capital market rules, the Dodd bill has been under development for months behind closed doors. Analysts said it will garner little immediate support from Republicans, likely forcing significant changes in some of its major provisions before final Senate action is possible. In a departure from the Obama agenda, Dodd will call for centralizing bank supervision in one agency -- a ... Read Full Story

Senate Banking Committee Chairman Christopher Dodd (D-CT) has proposed legislation that would create a Consumer Financial Protection Agency, removing much of the regulatory authority in that area from the Federal Reserve and Federal Deposit Insurance Corporation. Similar legislation has been proposed in the house, though the Dodd bill goes further than any house bill. Dodd says the legislation is not punitive in nature but is aimed at providing protections for consumers and individual investors. Democrats on the Banking Committee appeared with Dodd at a Capital Hill news conference to pledge support for the measure. "Never again should the American taxpayer hear the term 'too ... Read Full Story