Sen. Chris Dodd (D-Conn.)
is now on the clock for reshaping the financial reform bill that passed the first Senate hurdle last week. Senate Republicans caved and allowed the bill to get on to the floor of the Senate, where revisions and amendments will be debated and caucus heads will whip their members into shape. It is uncertain whether ranking banking member Sen. Senator Richard Shelby (R-Ala.)
, or committee head Dodd will work out a deal with committee head , or whether Republicans will support either of them.
Outside observers certainly aren't on board. Hedge fund managers have called the bill "outrageous
," and bankers worry
about the impact of over-intrusive government regulations. Academics say the bill isn't doing diddly squat to cure the nation of our financial ills. But all of them agree that something's got to be done.
It is expected that voting on amendments will take two weeks before a vote comes on final passage; given the impact finance reform could have on our economy, we should all be watching very closely.