Senator Herb Kohl’s (D-Wisconsin) amendment to the financial services reform bill that would create an independent oversight board to regulate financial planners will not be introduced as a separate amendment during mark-up of the bill today, March 22. Rather, a manager’s amendment will include a provision calling for a GAO study of the issue.
Senator Christopher Dodd (D-Connecticut), chairman of the Senate Banking Committee, is attempting to get his financial services reform bill, which he released on March 15, completed quickly, and is therefore not including controversial amendments that could isolate Republicans on the committee, sources say. Published reports indicate that Republican Senator Bob Corker (R-Tennessee) has said that the Senate Banking Committee would likely approve the bill today, Monday, March 22, with only Democratic votes. Corker said he envisions a full Senate vote after the two-week Easter break, which starts on March 26.