Members of the Senate Banking Committee have submitted about 400 proposed amendments to the financial regulation reform bill proposed this week by the committee's chairman, Sen. Christopher Dodd, (D-CT), financial industry sources said Friday.
A committee spokesperson said the number was 399, though staff people appeared to still be reviewing the submissions. Regardless, the large number foreshadows further contentious consideration of new rules to prevent a future financial crisis and taxpayer bailouts.
At least one Republican member, Sen. Bob Corker, (R-TN), acknowledged he submitted multiple proposed changes to Dodd's 1,300-page bill. Members will begin formal consideration of the measure and proposed amendments in committee -- a "mark up" -- on Monday.
“We have offered a large number of amendments to not only improve policies in the bill but to make a number of technical corrections,” Corker said in a statement. “We have coordinated our efforts with other members on both sides of the aisle and are hopeful the mark-up ends up being a sincere effort to get a product worthy of taking to the floor.”
No Republican has endorsed Dodd's measure, which he introduced Monday after failing to negotiate a bi-partisan compromise with Corker. Dodd said he ended the discussions because they were taking too long and he worried he was running out of time to get a bill completed this year.
Corker did not disclose the number of proposed changes he submitted to Dodd. But financial industry sources said Dodd set a deadline of Friday for amendments from committee members.
"Monday is looking to be an old fashioned goat rodeo," one financial industry source said.
Among other things, Republicans oppose Dodd's proposal to create a powerful consumer financial protection division at the Federal Reserve. They say it will create a unnecessary new bureaucracy that will raise costs and limit innovation of financial products.
Dodd is expected to push his bill through his committee next week on a party-line vote and then return to negotiations with Republicans before bringing the measure to the Senate floor next month.
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