UPDATE 1-US Sen Dodd sees financial reform bill by December

Thu Nov 5, 2009 12:23am GMT
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* Dodd says bill will have consumer protection provision

* Lobbyists say draft legislation may be public by Monday (Adds Dodd, lobbyists' comments, background, bylines)

By Kevin Drawbaugh and Andy Sullivan

WASHINGTON, Nov 4 (Reuters) - U.S. Senate Banking Committee Chairman Christopher Dodd said on Wednesday he hoped to move a financial reform bill out of committee by early December adding it would contain a consumer protection provision.

"My hope is to be able to finish a mark-up of our bill sometime the end of this month, the early part of next month," Dodd told reporters after a closed-door meeting with fellow Democratic committee members to discuss the issue.

He said the bill would have protections for consumers, but did not offer more specifics about its contents.

"If you get taken to the cleaners by a mortgage broker, where do you go? What door do you knock on? ... I can't imagine us finishing up a bill here and completely disregarding the American consumer," he said.

He declined to say if the bill would propose consolidating U.S. bank supervision into one agency, another initiative for which he has recently expressed strong support.

Dodd said he plans to unveil draft legislation next week aimed at tightening bank and capital market regulation.  Continued...

 
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