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Dodd: Congress will pass financial reform legislation this year
Sen. Chris Dodd on Monday unveiled financial overhaul legislation that aims to crack down on big banks and predatory lenders.
The bill has yet to win over Republican support, and Dodd, chairman of the Senate Banking Committee, said the legislative process still in its early stages.
At the same time, he acknowledged that the partisan politics of healthcare could poison the prospects on financial reform.
"There is always that possibility," said Dodd, referring to concerns over Democrats' plan to use special budget rules to pass healthcare overhaul legislation.
Dodd said that while no GOP senators support the bill now, he is optimistic that some will get on board with the effort. With 59 members of the Senate hailing from the Democratic caucus, Dodd would need at least one Republican senator to cross the aisle to break a filibuster of the bill.
Sen. Bob Corker (R-Tenn.), who has served as the lead Republican negotiator on the legislation, affirmed that he does not support the bill in its current reform, but did not rule out backing it in the future.
"The bill he has introduced has a number of policies I cannot support, but I will continue working through the amendment process in committee and on the floor to hopefully make it a bill that can receive broad bipartisan support,” Corker said in a statement.
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