Swampland's Joe Klein: Dodd Supports the Volcker Rule

[flpoljunkie]

(Emphasis mine.)

CORRECTION: Dodd on Regulatory Reform
Posted by JOE KLEIN

Tuesday, February 2, 2010

It looks like dealReporter, the publication Michael Scherer and I cited yesterday on financial regulatory reform, got quite a bit wrong. Scherer reports below that Republican Senator Richard Shelby says he's undecided on the so-called Volcker Rule to limit casino-gambling by banks. And Senator Chris Dodd was entirely misrepresented by dealReporter, Scherer and me:

He supports the Volcker Rule and he has supported the Obama bank tax since the moment it was announced:

“The President has it right,” said Dodd. “Wall Street owes a great debt to the American public and we have the right and the obligation to recoup as much money as we can for the taxpayers. The taxpayers wrote the check that saved these firms. If it wasn't for the American taxpayers, they would just be empty offices now. It's time for Wall Street to return the favor.”

“We may also consider additional means to limit executive compensation as part of our financial reform efforts,” Dodd added.

This is good news. I hope Dodd succeeds in getting a financial reform bill that reflects these beliefs.

http://swampland.blogs.time.com/2010/02/02/correction-dodd-on-regulatory-reform/

[quantass]

1. I'm a pessimist and side with Cenk Uygar -- Dodd will about-face & blame "in the interest of Bipart"

[high density]

2. eh?

Dodd Calls Obama Plan Too Grand

The chairman of the Senate Banking Committee warned on Tuesday that the Obama administration’s new proposals to rein in Wall Street firms ran the risk of derailing months of delicate negotiations over overhauling financial regulations.

“It’s not a movable feast,” the chairman, Christopher J. Dodd, told Paul A. Volcker, the former Federal Reserve chairman who has become an influential outside adviser to President Obama. “It’s adding to the problems of trying to get a bill done,” he said at the end of a hearing on the proposals, after all the other committee members had already left.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4254017

[muriel_volestrangler]

3. Perhaps someone from the White House had a word with him

It could happen, you know.