Kudos to Chris Dodd for not falling for the GNOP delaying tactics like Baucus did on health care reform last summer.

They would drag this out indefinitely if they could, fighting against a, "consumer financial protection agency to regulate mortgages, credit cards and other products."

Protecting the consumer from corporate gouging? How unAmerican is that?

The sticking points?

"Corker added that Republicans drew a line in the sand on enforcement: They do not want the CFPA to have its own cops, but want it to enforce its rules through existing regulators, a proposal that he said Dodd had accepted.

Sens. Jack Reed (D-R.I.) and Judd Gregg (R-N.H.) were the furthest apart of any negotiating partners, Corker said. The two were tasked with regulating derivatives and Gregg was pushing for greater end-user exemptions than Reed would allow."

"While agreement had largely been reached on the CFPA, a major sticking point included risk retention -- a Democratic proposal that requires banks to hold at least a small part of any loan they issue, rather than allowing them to make risky loans and immediately sell them to third parties.

Corker said he worries that risk retention will cramp liquidity. The FDIC has already begun the rule-making process to implement a version of that measure."

"Democrats, however, do not need Corker to pass the bill. Earlier this week, Sen. Olympia Snowe (R-Maine) told HuffPost that once the bill was out of committee she looked forward to playing a central role in negotiations. She already joined Sens. Maria Cantwell (D-Wash.) and Dianne Feinstein (D-Calif.) in sending a letter to Dodd, calling for tough regulation of derivatives. Dodd's decision to move forward without Republican support in the committee opens the door for Snowe, who's more moderate than Corker and Shelby, to step in."

"But bipartisan negotiations in the Senate have repeatedly faltered over several critical points, notably the creation of a consumer financial protection agency to regulate mortgages, credit cards and other products."

I wonder if it will be as effective as fannie mae and freddie mac who insure mortgage loans.

""The Fed no doubt is going to have its wings clipped," Mr. Corker said."

I would think that is something all of us could agree would be a good thing.

I wonder if it will be as effective as fannie mae and freddie mac who insure mortgage loans.

#3 | Posted by crispee_oc at 2010-03-11 03:32 PM | Reply | Flag:

Isn't that the standard for all government programs?

The Dodd bill is a good bill, and the Republicans should pass it. Had it been law three years ago, these banks wouldn't have been nationalized, but bankrupted. Which is exactly what should have happened.

sorry but this whole thing is just wrong...
govt taking over everything?? no no no..
thats not right..I read it right here..you dont suppose...THEY were WRONG do you????????????

this shit has got to stop

Dodd and finance reform -- this is a joke, right???

"govt taking over everything?? no no no..
thats not right.."

Exactly, that would be the Left.

--Path~

Pave our highways, maintain our infrastructure, and protect our boarders and natural resources. I'll take on the rest.

The chairman, Christopher J. Dodd, Democrat of Connecticut, said on Thursday that the committee would take up the bill on March 22. The breakdown in bipartisan talks dimmed hopes for a sweeping rewrite

Sorry, you lost me right at "chariman, Christopher Dodd." He is one of the main players in the whole Real Estate meltdown and should be imprisoned, not chairing another BS committe co-authoring another POS bill with loop-holes for all their pals.

C'mon November!

Amen Docsmooth !!!

Chris Dodd and Barney Frank got us into this whole economic mess to begin with.

November seems so far away sitting on the edge of my seat every day as I check the news coming my way hoping and praying we'll make it through another day.

--Path~

buuuuuuuuuuuuuuuuuulshiiiiiiii
iiiiiiiiiiit.

Amen Shawn... Mr. Dodd sure is full of it

The republicans still believe that the foxes are doing a good job of guarding the hen house.