Senate Banking Committee Approves Regulatory Reform Bill

March 23, 2010 — In a party line vote, the Senate Banking Committee approved Chairman Chris Dodd's (D-Conn.) revised regulatory reform bill, 13-10, with no Republicans voting for the measure.

The quick mark-up on March 22 included the approval of a manager's amendment incorporating many amendments from Committee members. While Republicans on the Committee oppose the bill, Ranking Member Richard Shelby (R-Ala.) stated during the mark-up that he believes "broad bipartisan agreement is possible."

Bipartisan discussion on the bill is expected to continue to the April recess, with possible consideration of the bill by the full Senate by mid-April.

Unlike the House regulatory reform package, the Senate bill does not create a stand-alone independent Consumer Financial Protection Agency (CFPA), but instead would institute a consumer bureau at the Federal Reserve. The consumer bureau would have rule writing and enforcement powers and a director appointed by the President and confirmed by the Senate. Like the House bill, credit unions under $10 billion in assets will continue to be examined by the NCUA or the state regulator for consumer protection.

To view the Committee print of the bill, click here. To see the manager's amendment, follow this link.