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March 15th, 2010
06:00 AM ET

'Clock is ticking' on Wall Street reform, Dodd says

Senate Banking chief Christopher Dodd is expected Monday to release a draft bill of regulatory changes aimed at warding off collapses in the financial system.
Senate Banking chief Christopher Dodd is expected Monday to release a draft bill of regulatory changes aimed at warding off collapses in the financial system.

WASHINGTON (CNNMoney.com) – The head of a key banking panel is expected Monday to release a draft bill of sweeping regulatory changes aimed at warding off future collapses in the financial system.

While much of the attention has focused on battles over the creation of a new consumer regulator to ensure consumers get a fair shake with mortgages and credit cards, the final draft is expected to address other areas, including some lawmakers generally agree about.

Senate Banking chief Christopher Dodd, D-Conn., said Thursday that the "single most important thing we do in this bill" will be creating a new mechanism to prevent firms from becoming so big that their failure would threaten the entire financial system, spurring another universally hated $700 billion Troubled Asset Relief Program.

Also expected in the bill: New requirements for banks and financial firms to strengthen their capital cushions and new rules pushing some complex financial products to be traded on clearinghouses, instead of in the shadows as is currently done. FULL STORY


Filed under: Business
soundoff (2 Responses)
  1. Robert M Fesko

    Chris Dodd cannot be trusted with any legislation his commitiee comes up with. He is not running for office again and he is beholding to Big Business and the insurance and Banking companies. Just look at his Banking Reform Bill of a couple of years ago allowing the banks to raise interest rates on credit cards to 29% or more WITHOUT cause before the bill took hold, raping the American public. This resulted in millions of people filing for bankruptcy, ruining thier credit for at least 10 years.

    He is another politician who has nothing except his own personal interest at heart. He certainly does not care for the people's interest at all. He is a sham.

    March 16, 2010 at 7:37 am |
  2. ken, nj

    There can be no financial reform until we shut down the federal reserve. The fedeeral reserve is a 0% money machine for the banks and wall street. They borrow taxpayer borrowed money at 0% and loan the government and taxpayers back the money at 10-30 % depending on your credit score or use the money to buy risky assests. If they fail they will be bailed out because they are too big to fail. The u.s. government has a negative balance of 65 trillion dollars more than the entire world GDP of 60 trillion. Social security is broke, medicare and medicaid are broke, the post office, and all government agencies are broke but we continue to spend and loan money to banks, wall street, and foreign countries like we have all the money in the world. Floods and hurricanes become national emergencies but the total collapse of our financial system does not seem to bother congress, the president or most americans. Wake up folks.

    March 15, 2010 at 8:23 am |