Dodd, GOP Work on Financial-Rule Overhaul

March 26, 2010

Associated Press

COREY BOLES And FAWN JOHNSON

WASHINGTON—Senate Banking Committee Chairman Christopher Dodd is working with Republicans to craft a financial-overhaul measure that can pass the Senate with the needed 60 votes.

Mr. Dodd (D., Conn.) said Thursday that the health-care vote "kind of changed the atmospherics around here."

"There are a number of Republicans who went along with the strategy of 'Just say no' who were never happy with it. If it worked, they would go along," the senator said. "They saw it fail, and now they've had enough of it and really want to be involved in crafting things."

Mr. Dodd referred specifically to Sen. Bob Corker (R., Tenn.) who has been a key negotiator on the financial rewrite for months. "People like him and others are tired of being told 'Just say no' to everything. They didn't come here to do that."

Mr. Dodd said he and Mr. Corker were very close to a deal a few weeks ago on the financial bill before the banking committee approved the measure with all Republicans voting against it. "He just didn't have anyone to support him."

The senator's comments came as House Speaker Nancy Pelosi (D., Calif.) said Democrats are determined to complete an overhaul of financial sector's regulatory framework with or without the support of Republicans.

"If they don't want to regulate Wall Street, we do and we will," Ms. Pelosi said. "As we go forward, we'll see if the Republicans are willing to move on Wall Street.

"They made it clear they had no intention of regulating the insurance industry," she said, referring to the health-care bill.

The House passed its version of the legislation last year without the support of a single Republican lawmaker.

Mr. Dodd and House Financial Services Chairman Barney Frank (D., Mass.) emerged from a White House meeting with President Barack Obama Wednesday saying the regulatory overhaul was now Democrats' number-one priority.

Lawmakers have targeted Memorial Day as a deadline for passing a bill through Congress.

Write to Corey Boles at corey.boles@dowjones.com and Fawn Johnson at fawn.johnson@dowjones.com

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