–Senate Banking Chief Rejects Republican Claims of Partisan Agenda
–Open To GOP Ideas But ‘Let’s Not Engage In Nonsense’
–Republican Senators Say They Will Block ‘Partisan’ Dem Bill

By John Shaw

WASHINGTON (MNI) – Senate Banking Committee Chairman Chris Dodd
said Friday that he remains open to reaching a bipartisan agreement with
Republicans on financial regulatory reform, but added the GOP needs to
offer ideas not accusations that Dodd is trying to jam a partisan bill
through the Senate.

“My door has always been open. I am always willing to listen to
anyone with good ideas,” Dodd said in a statement.

Dodd was responding to a letter drafted by Senate Minority Leader
Mitch McConnell Friday that accuses him of pushing a partisan bill.

McConnell said that if Dodd continues down this path, Republicans
will firmly oppose him and his bill.

Dodd said he is open to Republican proposals, but not partisan

“Bring me your ideas … but let’s not engage in nonsense,” Dodd

In his statement, Dodd details his efforts over many months to
reach a bipartisan agreement with Republican senators Richard Shelby and
Bob Corker.

He accused Republican leaders of misrepresenting the regulatory
reform package he has drafted and said their clear goal is to “kill Wall
Street reform.”

Dodd has said he is especially troubled with McConnell’s claims
that his bill would continue bailouts of big banks.

He said his bill would do the opposite, adding that his decision to
include a $50 billion fund to unwind failing firms was drafted and
pushed by Republican senators.

The full Senate could begin debating Dodd’s bill next week.

The Senate Banking Committee approved Dodd’s regulatory reform bill
on March 22 on a party-line 13 to 10 vote. All Democrats supported the
bill and all Republicans opposed it.

Dodd’s legislation establishes a new independent Consumer
Protection Bureau at the Federal Reserve Board, creates a process to
liquidate failed financial firms, sets up a council of regulators to
oversee systemic risk in the economy, establishes a regulatory structure
for over-the-counter derivatives, requires hedge funds that manage over
$100 million to register with the SEC and creates a new office within
Treasury to monitor the insurance industry.

Senate Majority Leader Harry Reid has said he wants the Senate to
pass a regulatory reform bill by the end of May.

President Obama has said that financial regulatory reform is one of
his chief goals for the rest of this legislative session.

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: M$U$$$,MFU$$$,MCU$$$]