Senate Banking, Housing and Urban Affairs Committee Chairman Chris Dodd, D-Conn., said he is “more optimistic” than he has been in several weeks that his committee will be able to draft a consensus financial services reform bill.
Mr. Dodd announced last week that he and the committee's top GOP member, Sen. Richard Shelby, R-Ala., had reached an impasse on crafting a bipartisan reform bill. But in a statement Feb. 11, Mr. Dodd said he had asked another GOP committee member, Sen. Bob Corker, R-Tenn., to negotiate a reform bill, and that Mr. Corker agreed to do so.
“While many difficult questions remain, financial reform is in a strong position due to the good work done by Banking Committee members, both Democrats and Republicans, to work out this bill,” Mr. Dodd said. “I am more optimistic than I have been in several weeks that we can develop a consensus bill to bring about the reforms the financial sector so desperately needs to prevent another economic crisis.”
Mr. Corker released a statement last week expressing disappointment that Messrs. Dodd and Shelby had reached an impasse but pledged to continue efforts to fashion a bipartisan measure.
The House approved a comprehensive financial service reform bill late last year.
Mark A. Hofmann is a senior editor at Business Insurance, a sister publication of Pensions & Investments.