Senate Banking Committee Chairman Chris Dodd (D-Conn.) is expected next week to unveil a long-awaited financial overhaul package that will set off a race to pass the measure before lawmakers leave for Easter break.
Dodd has been locked in negotiations with Sen. Bob Corker (R-Tenn.) and Sen. Richard Shelby (R-Ala.), ranking member on the panel. But Dodd said on Friday that it was unclear whether senators would be able to strike a bipartisan deal, despite months of backroom negotiations.
A proposal under discussion on the contentious issue of consumer financial protection has drawn deep concerns from liberal House and Senate lawmakers. ...
Dodd has maintained that he wants an office with an independent head, appointed by the president and confirmed by the Senate. Dodd said the office should have an independent budget, autonomy to write regulatory rules and the ability to enforce the rules.
Comment: Boy, just what we need right now (or at any other time in our history), another independent agency that has it's own budget and full autonomy to write regulatory rules and enforce them outside the scope and province of the citizenry.