The head of the Senate Banking Committee, Connecticut Democrat Chris Dodd, announced this morning that a long-awaited proposal to install sweeping new oversight of the finance industry will be unveiled Monday.<\/p>\n
Okay, maybe it’s not so sweeping.<\/span><\/p>\n To entice the support of a few Republicans — notably Sen. Bob Corker (Tenn.), the lead negotiator for the GOP — the bill won’t include<\/a> a separate consumer financial protection agency<\/a>, which both the White House and countless consumer advocates say is the best strategy for reining in the most abusive practices of the banks and other financial institutions.<\/p>\n On top of that, Corker is reportedly insisting that any consumer protection unit included in the bill not have the power to regulate pawnbrokers, payday lenders and car dealers — among the most abusive branches of the finance industry, according to consumer advocates, who are already blasting the plan as insufficient.<\/p>\n “The point of the agency is to provide a cop on the beat that focuses where the problems are, not a cop that’s fenced off from some of the worst actors,” Elizabeth Warren, Harvard law professor and a longtime champion of a separate, robust consumer protection agency, told<\/a> The Washington Post.<\/p>\n Still, Dodd says he’s pleased with the compromise on which he’s been focused for most of the year, even while he’s conceding that sticking points remain.<\/p>\n \u201cOur talks will continue,” he said in a statement, “and it is still our hope to come to agreement on a strong bill all of the Senate can be proud to support very soon.\u201d<\/p>\n Dodd said he hopes to hold a hearing to mark up the bill on March 22.<\/p>\n","protected":false},"excerpt":{"rendered":" The head of the Senate Banking Committee, Connecticut Democrat Chris Dodd, announced this morning that a long-awaited proposal to install sweeping new oversight of the finance industry will be unveiled Monday. Okay, maybe it’s not so sweeping. To entice the support of a few Republicans — notably Sen. Bob Corker (Tenn.), the lead negotiator for […]<\/p>\n","protected":false},"author":4315,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-415838","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/415838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4315"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=415838"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/415838\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=415838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=415838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=415838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}