Today Senate Banking Committee Chairman Chris Dodd (D-CT) and Ranking Member Richard Shelby (R-AL) issued a joint statement on the progress being made on financial reform.
“The economic crisis our country faced over the last year exposed serious weaknesses in our financial regulatory structure.”
“The lesson was clear. Our country needs financial regulatory reform and we are committed to working together on legislation to create a sound regulatory structure.”
“In this process we share many of the same goals.”
• “We seek to end ‘Too Big to Fail.’”
• “We need to protect American taxpayers from future bailouts by enhancing our resolution regime.”
• “We agree that consumer protections need to be strengthened.”
• “We believe that our regulatory structure needs to be modernized and streamlined while preserving the dual-banking system.”
• “We agree that the Federal Reserve should be more focused on its core responsibility – conducting monetary policy.”
• “And finally, we need to modernize regulation and oversight of the derivatives market.”
“For the last few weeks we, and other members of the Banking Committee, have been engaged in serious negotiations, with the goal of producing a bill that strengthens our regulatory structure and makes our economy more secure.”
“These talks have been extremely productive, with members providing great insight and demonstrating a desire to get this done and get this done right.”
“We have made meaningful progress and we hope to resolve the remaining issues before we reconvene in January.”
