Lack of Bipartisan Agreement Means Exec Comp, Governance Likely Part of Dodd Financial Reform Bill
12 March 2010
Bowing to the dual pressures of politics and a shortened legislative calendar, Senate Banking Chairman Christopher Dodd (D-CT) will introduce a partisan version of his comprehensive financial reform bill on March 15 and schedule a committee mark-up the week of March 22. The change makes it very likely that say on pay and even governance provisions such as proxy access will be in the bill, which likely would have been avoided with a bipartisan bill. Senators Dodd and Bob Corker (R-TN) had been negotiating elements of a bipartisan bill for several weeks, and despite announcing agreements on many of the contentious issues, Dodd was under fire from the White House, Democrats in his committee, and the House for moving too far in the Republicans' favor. In a press conference, Corker indicated that Dodd was under pressure from the White House to move a reform bill through committee before a health care reconciliation bill is considered on the Senate floor because many believe that the reconciliation process would poison any chance of further bipartisanship. Dodd indicated that he would continue to seek a bipartisan bill throughout the process, because he needs at least one Republican vote to pass the bill on the Senate floor.