Dodd to unveil financial legislation Monday; no GOP support expected

Dodd to unveil financial legislation Monday; no GOP support expected

When he unveils financial overhaul legislation on Monday, Senate Banking Committee Chairman Chris Dodd (D-Conn.) will be attempting to reconcile liberal demands for tough action against Wall Street with the vote-counting realities of the Senate.

Dodd spent months negotiating with Republicans behind the scenes to garner bipartisan support for an overhaul package intended to prevent future financial crises. But after all the twists and turns and weeks of deep negotiations with Sen. Bob CorkerRobert (Bob) Phillips CorkerSasse’s jabs at Trump spark talk of primary challenger RNC votes to give Trump 'undivided support' ahead of 2020 Sen. Risch has unique chance to guide Trump on foreign policy MORE (R-Tenn.), Dodd is left without GOP support.

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And he still has a tough liberal flank to please.

Those liberal and conservative criticisms leave Dodd in the tricky middle, with a potentially treacherous path forward on one of President Barack ObamaBarack Hussein ObamaThe Memo: Bernie Sanders’s WH launch sharpens ‘socialist’ question Obama spends Presidents Day at Ayesha Curry's San Francisco restaurant Government's misguided holiday to celebrate itself MORE's highest domestic priorities this year. Democrats hold 59 seats in the Senate and will need to attract at least one Republican vote to break a filibuster.

Dodd is set to retire at the end of the year and the makeup of both the House and Senate could be dramatically different in January, with Democrats headed into a challenging midterm election.

"I don't have a lot of time left in this Congress. I think all of us who have been in this room and around the years know how this can go by very quickly," Dodd said Thursday.

Dodd has scheduled a markup for the week of March 22 and the bill he unveils will likely include many of the ideas discussed with Corker. Senate Majority Leader Harry ReidHarry Mason ReidSanders hires veteran progressive operative to manage 2020 bid Constitutional conservatives need to oppose the national emergency Klobuchar: 'I don't remember' conversation with Reid over alleged staff mistreatment MORE (D-Nev.) said Democrats would look to pass a financial bill through the Senate by the Memorial Day break.

All 10 Republicans on Dodd's committee pleaded over the weekend for more time to consider such wide-ranging legislation, in a sign of the potentially unanimous opposition the bill will face from the GOP.

A source briefed on the plan said it would include Federal Reserve supervision of banks with $50 billion in assets or more; a consumer office at the Federal Reserve with power to write rules, limited enforcement authorities and similar preemption powers as passed the House; and a resolution system that favors bankruptcy proceedings.

A compromise with Corker in lieu of a standalone Consumer Financial Protection Agency (CFPA) continues to irk consumer advocates and liberal Democrats. Sen. Byron Dorgan (D-N.D.) called it "a horrible idea" to replace the agency proposal with a consumer office at the Fed.

Democratic Sens. Sherrod BrownSherrod Campbell BrownOvernight Health Care — Presented by National Taxpayers Union — Trump, Dems open drug price talks | FDA warns against infusing young people's blood | Facebook under scrutiny over health data | Harris says Medicare for all isn't socialism On The Money: Smaller tax refunds put GOP on defensive | Dems question IRS on new tax forms | Warren rolls out universal child care proposal | Illinois governor signs bill for minimum wage Michelle Obama would be tied with Biden as frontrunner if she ran in 2020, poll shows MORE (Ohio), Jeff MerkleyJeffrey (Jeff) Alan MerkleyGOP Green New Deal stunt is a great deal for Democrats The border deal: What made it in, what got left out Lawmakers introduce bill to fund government, prevent shutdown MORE (Ore.) and Charles SchumerCharles (Chuck) Ellis SchumerGOP Green New Deal stunt is a great deal for Democrats National emergency declaration — a legal fight Trump is likely to win House Judiciary Dems seek answers over Trump's national emergency declaration MORE (N.Y.) were wary of the idea. House Financial Services Committee Chairman Barney Frank (D-Mass.) panned the idea and has criticized the Fed for falling down on its regulatory role in the run-up to the crisis.

The concerns stretch beyond the highest-profile issue of consumer protection. Five Democratic senators last week unveiled a tough provision to rein in big banks and prevent them from engaging in proprietary trading. The proposal, based on the administration’s "Volcker rule," was backed by Democratic Sens. Merkley, Carl LevinCarl Milton LevinListen, learn and lead: Congressional newcomers should leave the extremist tactics at home House Democrats poised to set a dangerous precedent with president’s tax returns The Hill's 12:30 Report — Sponsored by Delta Air Lines — White House to 'temporarily reinstate' Acosta's press pass after judge issues order | Graham to take over Judiciary panel | Hand recount for Florida Senate race MORE (Mich.), Ted Kaufman (Del.), Brown and Jeanne ShaheenCynthia (Jeanne) Jeanne ShaheenCongress must step up to protect Medicare home health care Dems slam EPA plan for fighting drinking water contaminants Bipartisan Senators reintroduce legislation to slap new sanctions on Russia MORE (N.H.).

But earlier this year, Dodd said he was reluctant to spelling out such detailed restrictions on big banks in the financial package and felt that the late proposal from the Obama administration would complicate negotiations.