WASHINGTON BUREAU — Sen. Christopher Dodd says he has pulled the plug on efforts to develop a bipartisan financial services bill because of concerns that time is running out.
In comments with reporters this afternoon, Dodd said he is working against the “101st senator– the clock” in getting a bill passed this year.
He said he will introduce a bill Monday, and that the new bill will look “very different” from the draft he proposed in November 2009.
He also said he expects a markup of the bill will be held the following week.
He said that he cut off talks with Sen. Robert Corker, R-Tenn., because the process has been taking too long and because he is concerned that continuing the dialogue with Corker and others would limit the possibility of passing a bill.
Dodd met with reporters several hours after Corker met with reporters to lament Dodd’s decision to end talks.
In his comments, Corker said he and Dodd were “at the 5-yard line” with respect to passing a good bill.
Corker cited derivatives regulation as a sticking point.
He said there was apparent agreement on two issues of concern to the insurance industry: Eliminating the notion of “too-big-to-fail,” and enabling an early warning system for detecting systemic risk in the economy.
But, he said, he was unable to achieve bipartisan agreement on the last issue of concern to the insurance, creating greater transparency and accountability in the derivatives markets.