Financial Reform | featured news

In his weekly radio and Internet address, President Obama said that Congress needed to enact reforms to protect consumers, keep banks strong and safeguard the U.S. economy.

Several much-anticipated details of Sen. Chris Dodd's (D - Conn.) financial reform bill have been revealed, The New York Times and the Wall Street Journal report this morning.

With time running out on the Senate calendar, the banking committee chairman says he wants the panel to begin considering the bill March 22, even though the GOP can block legislation.

With time running out this year for the Senate to deal with financial regulatory reform legislation, Senate Banking Committee Chairman Christopher Dodd said Thursday he plans to offer his own bill after lengthy bipartisan talks failed to produce a consensus.

Bernanke called on Congress to act on financial reform efforts, as the central bank itself works to implement a number of measures that should help shore up the financial system.

The financial sector ranks just behind the health industry in lobbying Congress this year: $223 million has been spent to influence financial reform efforts, according to the Center for Responsive Politics.

But Politico reports that the lobbying frenzy over "re-regulation" efforts is just beginning.