Status of Financial Reform Bill

Now that health care reform has passed, what's the latest on financial reform? The debate over financial reform is heating up today, as the banking committee begins amending Sen. Christopher Dodd's (D-Conn.) bill today. Here's a CNBC video in which Sen. Bob Corker (R-Tenn.), who has been working with Dodd on negotiating a bipartisan bill, conveys there's no mark up happening in the committee. Corker predicted the financial reform bill would pass along party lines tonight."You have a 1,300 page bill that is chock full of substance that actually matters, that really won't be vetted," Corker told CNBC.

Corker told CNBC that there's better opportunity to get a middle of the road bill in the full senate.

Addressing the business audience with type A personalities,Corker said in the CNBC interview,"This is one of those cases where you have to sort of bite your lip and realize the goal is to have a good policy, to have a policy that will stand the test of time. You have to focus on the longer term, not the interim shenanigans."

Corker told CNBC's audience,"There will be substantive mark up for financial reform bill today. Real negotiations will be taking place over the next few weeks."I think it's probably true that we have a better opportunity with a different cast of characters in the full senate to do something that is sound policy wise," he said, adding the goal is just to get this out of committee.

On the democratic side, Evan Bayh,(D-Ind.)explained, that unlike with health care, there is no reconciliation process, so one group cannot impose its will upon the other. "There is no choice other than a bipartisan solution."

Both senators seemed frustrated by the process. Bayh, who is leaving the senate, said: "We came close to having a complete meltdown of the global financial system and even then we can't get something done." Even so, Corker said there is a 90 percent chance that a financial reform bill will pass.

he debate over financial reform is heating up today, as the banking committee begins amending Sen. Christopher Dodd's bill today. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio