GOP to Meet Dodd “Half Way”

Flickr/<a href="http://www.flickr.com/photos/gregskibinski/1573240763/">Gregory.Skibinski</a>

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Sen. Chris Dodd (D-Conn.) may be flying solo today when he releases his own bill to rein in Wall Street, but a top GOP senator says he’s willing to meet Dodd “at least half way” on a bipartisan financial reform bill. Sen. Richard Shelby (R-Ala.), the banking committee’s ranking member, told CNBC a bipartisan deal could still be brokered between Dodd and Senate Republicans. Shelby, however, has also issued a warning to Dodd, the banking committee’s chairman, against rushing the legislation through Congress. In a letter from Senate GOPers sent to Dodd on Friday, Republicans wrote that “proposed timetable will not allow members sufficient time to fully understand the details of [the] legislative proposal.” Shelby similarly told CNBC that “we don’t believe you can rush [a financial reform bill] through.”

Shelby’s olive branch marks the latest offer in a months-long power struggle between Dodd and Senate Republicans. Dodd had initially begun his negotiations earlier this year with Shelby as his main partner. Those talks soon hit an “impasse,” and Dodd bumped Shelby for Sen. Bob Corker (R-Tenn.) as his new GOP dance partner. Last week, however, Dodd abruptly abandoned those talks—so near agreement were Dodd and Corker that the Tennessee senator said they were “at the five-yard line”—and announced he would be releasing his own version of financial reform today. Dodd’s much-awaited press conference is at 2 pm today, and we’ll have all the details of and reactions to Dodd’s new bill here.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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