Sen. Dodd to unveil updated legislation to overhaul financial regulatory system

Dodd said he plans to unveil on Monday an updated version of his original overhaul package introduced in November. He said that months of negotiations with fellow committee members, namely ranking Republican Sen. Richard C. Shelby (R-Ala.) and freshman Sen. Bob Corker (R-Tenn.), had yielded much progress toward bipartisan consensus, though “a few outstanding issues remain.”

“It has always been my goal to produce a consensus package. We have reached a point where bringing the bill to the full committee is the best course of action to achieve that end,” Dodd said in a statement Thursday.

Dodd said that he was fortunate to have a “strong partner” in Corker and that the updated draft would reflect his input, but Dodd stopped short of saying that the two men had solved their differences on key issues, such as the shape of enhanced consumer protections from lending abuses, the role of the Federal Reserve and the details of a resolution mechanism that would allow the government to wind down large, troubled financial firms without cost to taxpayers.