Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) announced Thursday morning that he will release his updated financial regulatory reform bill on Monday. While citing “significant progress” and indicating that many sticking points had been resolved, Chairman Dodd also acknowledged that “a few outstanding issues remain.”
His statement effectively ended the ongoing bipartisan negotiations with Senator Bob Corker (R-TN) that were held over the past month in hopes of ending an impasse over the legislation’s most controversial issue – the structure and location of a consumer financial protection entity.
Instead, Chairman Dodd will move forward on his own, by formally unveiling financial reform legislation on Monday and by scheduling a mark up of the proposal for the week of March 22 – the week before Congress breaks for its two-week spring recess. The Chairman stated that it had been his goal to produce legislation based on a bipartisan agreement, but that he had “reached a point where bringing the bill to the full committee is the best course of action to achieve that end.”
Chairman Dodd’s announcement has further fueled skepticism over whether the Senate will be able to pass a financial regulatory reform bill this year, given that at least some Republican support will be necessary now that Democrats no longer hold a filibuster-proof majority in the Senate. Nonetheless, we continue to monitor progress on this complex legislative issue and will provide updates on InsureReinsure.com.