Earlier post here.
It gets worse. Dodd is also likely to refuse to include language the White House wants limiting trading activity of big bans. Politico has the story:
The Merkley-Levin legislation also embraces President Barack Obama’s call for curbing the size of the nation’s financial behemoths, requiring large, interconnected nonbank financial firms to keep more capital on hand and place a firm ceiling on the amount of proprietary trading they can do…
Joining Merkley and Levin in supporting the Obama administration’s push for these rules are Sens. Sherrod Brown (D-Ohio), another member of the banking committee; Ted Kaufman (D-Del.) and Jeanne Shaheen (D-N.H.).
The Obama administration proposal is widely expected to be left out of the bill Dodd hopes to unveil in the coming days.
Merkley and Brown were among those Democrats who expressed strong concerns about another concession Dodd is making to Republicans: housing a new consumer watchdog in the Federal Reserve, which has been widely criticized for failing to use its existing consumer protection powers to curb predatory lending practices — especially out-of-control subprime mortgage lending — in the lead up to the financial crisis.
