Financial system reforms won't wait; Dodd to unveil legislation Key differences remain unresolved
Senate banking committee Chairman Christopher J. Dodd (D-Conn.) said Thursday he will move forward next week with sweeping legislation to revamp the nation's financial regulatory system, despite failing to resolve key differences with Republicans.</br></br>Although Dodd said he will continue bipartisan talks, unveiling the measure on Monday puts pressure on GOP senators by creating a sense of urgency and forcing the debate into the open. Republicans opposed to key elements of the bill, such as new protections for consumers, would have to make their case publicly.</br></br>After months of talks, the two sides have been unable to reach final agreement over the enforcement powers of a new consumer watchdog, the scope of the Federal Reserve's regulation over banks and the financing of a new authority that would allow the government to wind down large, troubled financial firms without cost to taxpayers.</br></br>Dodd said he decided to introduce his bill so the committee could begin discussing it before the Easter recess in early April. He also had been facing pressure from liberals who feared he was compromising too much during recent negotiations.</br></br>"Clearly, we need to move along . . . as time moves on, it does limit the possibility of getting something done," Dodd told reporters. "The idea of putting something on the table is not a reflection of something breaking down. Quite the opposite."