“Banking Committee” on The Daily Caller

Senate conferees named: The Senate on Tuesday named 12 conferees to reconcile legislative differences between the upper and lower chambers’ financial reform bills. House Financial Services Committee Chairman Barney Frank, Massachusetts Democrat, will serve as chairman of the conference negotiations, which Democrats aim to complete before the July 4 recess. House members are expected to be named next week. The seven Senate Democrats are Banking Committee Chairman Chris Dodd of Connecticut; Agriculture Committee Chairwoman Blanche Lincoln of Arkansas and Sens. Tim Johnson of South Dakota, Jack Reed of Rhode Island, Charles Schumer of New York, Patrick Leahy of Vermont and Tom Harkin of Iowa. The Republicans are Sens. Richard Shelby of Alabama, Bob Corker of Tennessee, Mike Crapo of Idaho, Judd Gregg of New Hampshire and Saxby Chambliss of Georgia. (more)

Financial reform next steps: There have been reports that Democratic leaders are looking to move the financial reform bill, possibly with a vote to end debate as early as Monday, and a vote on the bill itself Tuesday. Late Thursday, it appeared that votes would continue through the night. Amendments will continue to be filed Friday, but no votes are expected. More Senate votes are scheduled for Monday and, “We’ll be in until at least the early part of next week,” according to Banking Committee Chairman Chris Dodd, Connecticut Democrat. Reconciliation of any Senate bill with the December House bill, may progress very differently than it did for health-care bill, where the House simply approved the bill that the Senate passed. In the case of financial reform, the plan may be for a formal “conference,” perhaps televised, with House and Senate leaders and administration officials discussing, debating and making changes. Both the House and Senate must vote again before it can be sent to President Obama. (more)

The first amendment: An amendment offered by Senate Banking Committee Chairman Chris Dodd, Connecticut Democrat, and Ranking Member Richard Shelby, Alabama Republican, to the Restoring American Financial Stability Act (S. 3217) was adopted Wednesday by a vote of 93 to 5. According to Congressional Quarterly, the amendment drops the proposed $50 billion resolution fund that would have covered the costs of a major financial collapse, and empowers the Federal Deposit Insurance Corporation (FDIC) to liquidate large firms with a credit line from Treasury. The amendment requires congressional approval before the government could guarantee the debt of a financial firm. (more)

One day after Republicans said they had secured a deal on a financial regulation bill that would allow them to move forward on debating the bill, they denounced the legislation and said it would not accomplish any of their goals for preventing bailouts or making the markets more secure. (more)

First Senate Move on Financial Reform Defeated – Despite control of the White House, the House and the Senate, and almost 70% of the country supporting financial reform, the Democrats could not prevail on a crucial financial services vote Monday.  The first vote to move along the financial reform bill was defeated 57 to 41, with 60 votes needed.  While the press today is full of attacks for Republicans voting (as did the Democrats) along party lines, a major cause for the loss was the fact that Democrat Ben Nelson (D-Neb) voted with the Republicans against the financial reform bill. (more)

While the Senate Banking Committee may be close to proposing a financial regulatory reform bill, elsewhere in Washington the investigation continues into what caused the meltdown in the first place. (more)

Last week’s surprise announcement by Senator Evan Bayh (D-IN) that he will not seek reelection is yet another shift in the future make-up of the Senate Banking Committee. Bayh’s retirement comes only two months after the Committee’s Chairman, Senator Chris Dodd announced he would not seek reelection. (more)