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News Now

Washington
Dodds decision could spur legislative action
WASHINGTON (1/7/08)--Sen. Christopher Dodd’s (D-Conn.) decision to step off the presidential campaign trail after a smashing loss in the Iowa primary may boost the prospects of legislation of interest to credit unions. Dodd, who is chairman of the Senate Banking Committee, introduced a bill Dec. 12 to affect a major change in the country’s mortgage regulations, in part by establishing minimum standards for subprime mortgages and adding some liability for investors who bought securities backed by the problem subprime loans. With his bid for the Presidency behind him, Dodd now has about two weeks to rest and then redirect attention and energy to such pending business in the Senate, which reconvenes Jan. 22 (CQ Midday Update Jan. 4). Dodd’s top priority, the article said, will be to complete enactment of a bill to modernize the Federal Housing Administration, a measure that has White House backing. The House and Senate have passed very different versions of the legislation, indicating a difficult conference negotiation process that will likely benefit from Dodd’s closer involvement and attention. The article also mentioned that Sen. Joe Biden’s exit from the race for the Democratic Presidential nomination will have a similar beneficial effect on legislation under the purview of the Foreign Relations Committee, which the Democrat from Delaware chairs.


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