Dodd: U.S. moving toward consolidation of regulators

The U.S. is steadily moving toward a consolidation of regulators over time to oversee financial institutions, Sen. Chris Dodd (D-Conn.) asserted Wednesday.

Dodd, the chairman of the Senate Banking Committee, said that while the current financial regulation reform before Congress may not create the single regulatory agency he favors, he sees the U.S. moving toward a consolidation of its financial oversight regime.

"I think most people agree today -- this needs to be consolidated and simplified with a lot more clarity and accountability than we have today," Dodd said during an appearance on CNBC. "So we're moving in that direction. Whether we'll have a single regulator, I don't know, but we're moving in that direction."

"Every administration for the past 30 years has argued for this same point, Republicans and Democrats alike," Dodd added.

The Connecticut senator said that while he won't rush the financial overhauls favored by the Obama administration, he hopes for the Senate to finish a bill to complement the House's proposals by the end of this year or early next year.

"I know there are some who wish we would act more quickly, but my view is we have to get it right," Dodd said.