During a stopover at the state Capitol this morning, U.S. Sen. Chris Dodd said there is "a very strong likelihood we'll have a bipartisan bill" to regulate the financial industry.
Dodd said there will be a vote later today on whether to begin debate on the issue. He said he hopes there are 60 votes to let the discussions get underway.
Dodd, who is meeting with Republican counterpart Richard Shelby at 1:30 this afternoon, said that clamping down on the excess of financiers "shouldn't be a partisan issue."
Dodd said that 18 months ago, when Wall Street imploded, the government was left with no option except for the controversial bailouts begun under President George W. Bush.
If it happened again today, he said, the results would be the same.
"We have not changed a thing," Dodd said.
But the regulations proposed in Dodd's bill would change everything, the senator said.
Dodd, the senior Democrat from Connecticut, said that once the measure becomes law, there will be no more bailouts.
"If you fail, you fail" under the new proposed rules, Dodd said.
The regulations set rules for exotic financial transactions such as derivatives swaps, he said.
Dodd said that if the Senate agrees to take up the bill, "then we begin the slog through the legislative process" to fine-tune the measure.
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