Wolin, Reed, Warner Support Dodd Move to Push Forward on Bank Bill

Early reaction from senior Democrats was supportive of a decision by Senate Banking Committee Chairman Christopher Dodd (D., Conn.) to plow ahead with a bill to overhaul financial regulations after announcing talks with Sen. Richard Shelby (R., Ala.) had reached an impasse.

Treasury Department Deputy Secretary Neal Wolin:

“Enacting comprehensive financial reform remains an urgent priority and we believe it is important that the process move forward.”

Sen. Jack Reed (D., R.I.), a senior member of Mr. Dodd’s panel:

“There’s been a real sense on both sides that we have to get legislation passed…We’ve come to the point where there’s some issues we haven’t got a satisfactory, mutual answer. At that point, you could talk forever. You have to say, ‘let’s go down to the Senate floor, and let’s debate it.’”

Sen. Mark Warner (D., Va.)

“It has been almost two years since Bear Stearns collapsed, and 18 months since Lehman Brothers went into Chapter 11 and AIG was bailed-out by the taxpayers. We must move forward to modernize our regulations in order to restore American leadership in global financial markets.”