Fearing that reform was taking to long to come to fruition, Senator Christopher J. Dodd - chairman of the Senate Banking Committee – announced that he would unveil his own financial overhaul plan on Monday. However, what makes this announcement even more surprising is Dodd’s intention to unveil his plan was without negotiation with other members of the Republican party.
Mr. Dodd suggested that he was acting out of a sense of urgency. The House adopted a regulatory overhaul — a priority of the Obama administration — in December on a largely party-line vote. But bipartisan negotiations in the Senate have repeatedly faltered over several critical points, notably the creation of a consumer financial protection agency to regulate mortgages, credit cards and other products.
In an unusual turn, Senator Richard C. Shelby of Alabama, the ranking Republican on the Banking Committee, has found himself largely shut out of the negotiations, while another Republican, Senator Bob Corker of Tennessee, has been directly negotiating with Mr. Dodd.
At a news conference later Thursday morning, Mr. Corker called Mr. Dodd’s plan to proceed with a bill without further negotiations “very disappointing.”