Dodd and Democrats Move Ahead on Financial Reform Without the GOP

Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee, says he'll go it alone next week -- and offer a finance reform bill without any Republican support.

The announcement comes after a breakdown in talks between Dodd and his GOP counterparts, negotiations that were meant to pave the way toward a bipartisan agreement.

In a statement issued on the Senate Banking Committee's website, Dodd noted that, in recent months, committee members "have worked together to try and produce a consensus package. Together we have made significant progress and resolved many of the items, but a few outstanding issues remain."

"It has always been my goal," Dodd's statement continues, "to produce a consensus package. And we have reached a point where bringing the bill to the full committee is the best course of action to achieve that end. I plan to hold a full committee markup the week of March 22nd."

The House passed its version of finance regulation reform last December. But Senate negotiations reached an impasse on several issues -- including the creation of an independent Consumer Financial Protection Agency that would monitor credit cards, student loans, auto loans, payday loans and other financial transactions.
Read Full Story