After an initial effort to draft financial reform regulation was panned in late 2009, Senator Chris Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs (Banking Committee), proposed a revamped financial regulatory reform bill on Monday, March 15, 2010 (Dodd Bill). The release of the proposed bill follows weeks of intense negotiation with the goal of creating a bipartisan draft of the Dodd Bill that ultimately did not materialize. Senator Dodd has scheduled mark-ups for the Senate Banking Committee to begin on the Dodd Bill on Monday, March 22, 2010, with the stated hopes of bringing the bill to the Senate Floor at the end of April. The financial regulatory reform bill enacted by the House of Representatives in December 2009—The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173)—is similar in nature to the Dodd Bill. However, significant work remains to be done both with the Dodd Bill and with any ultimate reconciliation of such bill with H.R. 4173, before the full Congress will approve financial regulatory reform.
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