Unable to secure a bipartisan agreement on how to revamp financial regulations, U.S. Senate Banking Committee Chairman Christopher Dodd said Thursday he will offer his own regulatory reform bill on Monday.
Sen. Dodd, D-Conn., pulled the plug on nearly a month of talks with U.S. Sen. Bob Corker, R-Tenn., and other Republicans, insisting “we need to move along” and pass legislation this spring to better regulate banks and other financial institutions.
“As time moves on, you just limit the possibilities of getting something done, particularly a bill of this magnitude and this complexity,” Sen. Dodd said.
But Sen. Corker said legislation that regulates everything from banks and credit unions to derivatives, ratings agencies and nonbank lenders would be better shaped if a bipartisan agreement had been hammered out.
“I find that when you are willing to grind out every issue — and our staff has been working nearly 24-7 for a month to achieve that — that is when you get a good piece of legislation,” he said.