Financial overhaul efforts likely to get boost from Dodd's retirement plans

Financial overhaul efforts likely to get boost from Dodd's retirement plans
By Silla Brush - 01/06/10 05:51 PM ET


Sen. Chris Dodd’s retirement increases the likelihood of financial overhaul legislation passing this year, industry lobbyists and consumer activists say.

Dodd (D-Conn.) decided to remain chairman of the Senate Banking Committee last year in part to oversee wide-ranging changes to how the nation’s financial system is regulated.

But Dodd’s panel has yet to mark up legislation, even as the House in December passed a broad overhaul of the industry.

With Dodd’s planned retirement, which was announced Wednesday, special interests on both sides of the fight believe the momentum has shifted in favor of passing legislation well before the 2010 elections.

White House Press Secretary Robert Gibbs said Dodd is a “passionate advocate” on financial overhaul and aims to finish this year.

“I think the odds of enactment are greater now than before,” said Richard Hunt, president of the Consumer Bankers Association.

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http://thehill.com/homenews/senate/74681-financial-overhaul-to-get-boost-from-dodd-retirement