This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Senators Near Deal on Banking Regulations

WASHINGTON ( TheStreet) -- Key senators were nearing a deal on legislation to overhaul financial regulations which includes creating a new consumer-protection division within the Federal Reserve , reports say.

Senate aides told the Wall Street Journal that Democratic Sen. Christopher Dodd, chairman of the banking Committee, and Republican Sen. Bob Corker of Tennessee are selling the agreement to other members of their parties.

"Senator Dodd is keeping members informed on how things are progressing as he has throughout this process," his spokeswoman told the Journal. "We do not have an agreement yet. He hopes to have a consensus bill in the coming days."

The bill would mark a breakthrough agreement between senators from both parties who have been bitterly divided over new financial rules.

Holding up an agreement was whether a government consumer watchdog should be free from bank regulators to write rules govern everything from credit cards to mortgages, the Associated Press reports.

The Senate Banking Committee was closing in on a deal that would house the watchdog entity inside the Fed but give it autonomous power to write regulations, three people familiar with the talks told the AP.

Dodd is likely to introduce the bill in the Senate later this week, but it remains uncertain whether the White House will accept the proposal. "The president remains strongly committed to an independent agency whose singular focus is advocacy for consumers," an administration official told the Journal.

A Fed-housed consumer entity would fall short of Barack Obama's initial demand for a stand-alone Consumer Financial Protection Agency that would replace the consumer oversight now assigned to bank regulators, AP notes.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $125.85 -2.20%
FB $77.62 -1.50%
GOOG $531.81 -1.70%
TSLA $233.09 1.10%
YHOO $41.32 -1.70%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs