WASHINGTON (12/29/09)—The top Democrat and Republican members of the Senate Banking Committee united to say “meaningful progress” has been made in the area of financial regulatory reform. Both Chairman Christopher Dodd (D-Conn.) and ranking member Richard Shelby (R-Ala.) said they are hopeful remaining issues can be resolved before the Senate reconvenes Jan. 19. "Our country needs financial regulatory reform, and we are committed to working together," said Dodd and Shelby in their joint statement last week. They identified six areas of accord:
* Seeking to end the “Too-Big-to-Fail” problem; * Protect taxpayers from future bailouts by enhancing “our resolution regime”; * Enhancing consumer protections; * Modernizing and streamlining the country’s financial regulatory structure, while preserving the dual-banking system; * Focusing the Federal Reserve more fully on monetary policy; and * Modernize regulation and oversight of the derivatives market.