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GOP Complains Dodd Is Moving Too Fast on Financial Bill

Senate Republicans on the Banking, Housing and Urban Affairs Committee warned Chairman Chris Dodd (D-Conn.) that his timeline for moving financial regulatory reform legislation “will not allow Members sufficient time to fully understand the details of your new legislative proposals.”

“While we remain open to finding common ground and to working diligently toward the passage of bipartisan legislation, we believe a markup scheduled in haste would certainly prevent us from achieving that goal,” the committee’s 10 Republicans, including ranking member Richard Shelby (Ala.), wrote in a letter to Dodd that was sent Friday night.

Dodd will unveil a financial regulatory reform package Monday and intends to hold a markup the week of March 22. Sen. Bob Corker (Tenn.), who has served as the lead Republican negotiator on the bill over the last month, criticized Dodd’s timeline last week and urged the chairman to allow more time for review.

“Given the sheer magnitude and complexity of the financial reform package you intend to introduce, this legislation will inevitably have a substantial impact on our financial system and overall economy,” the letter read. “Accordingly, we urge you to allow for sufficient time to review the language.”

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