Sanders indicates he's not yet on board with financial reform bill

Sen. Bernie Sanders (I-Vt.) suggested on Wednesday that he is not yet willing to back the Dodd financial reform bill and will seek changes to it during the amendment process.

Sanders, a self-described "democratic socialist" who has long criticized the financial sector, said that the bill is a step forward but does not go far enough to enact the reforms he is seeking.

“We have got to make it crystal clear to Wall Street that the era of wild speculation and greed is over," he said in a statement. "Unfortunately, the financial reform bill, as currently written, does not go far enough in making the kinds of changes we desperately need."

Senate Banking Committee Chairman Chris Dodd (D-Conn.) released his financial regulatory overhaul on Monday, after he broke off negotiations with Republican Sen. Bob Corker (Tenn.)

So far, no Republicans are on board with the bill and Sanders' statement suggests that he could also face friction from the left which is seeking more aggressive reforms.

Sanders said he will offer amendments to limit credit card interest rates, force greater transparency at the Federal Reserve and push for an independent Consumer Financial Protection Agency (CFPA).

Dodd's bill houses the CFPA within the Federal Reserve but gives it its own budget and broad rule-writing authority.

But Sanders has long been a critic of the Fed, saying that it has not done enough to help consumers. He helped lead 12 members of the Democratic Caucus to vote against the renomination of Federal Reserve Chairman Ben Bernanke in January.

Sanders and other liberal senators expressed wariness at the idea of putting the consumer office at the Fed several weeks ago.

“Putting such an agency at the Federal Reserve is like putting the fox in charge of the hen house,” he said.  “Congress already has given the Fed the chance to enforce consumer financial protection. It failed miserably.”

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