Republicans have warmed to a financial regulation bill proposed by Chris Dodd, Democratic chairman of the Senate banking committee, as hopes strengthened yesterday that an emerging bipartisan consensus could lead to landmark legislation before the summer.
Mr Dodd finalised a bill yesterday that would introduce “orderly liquidation” for failing financial firms that are systemically important, give regulators the right to order a company to shut down risky businesses, and boost protections for consumers of financial products.
It is Mr Dodd's second regulation bill after an original effort produced in November failed to gain sufficient support.
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