March 22, 2010, 5:28 p.m. EDT · Recommend (1) · Post: Senate panel passes bank reform on party-line vote By Ronald D. Orol WASHINGTON (MarketWatch)-- A Senate panel on Monday approved sweeping bank reform legislation to re-write the rule for capitalism without any Republican support, after GOP lawmakers on the committee decided not to include any amendments to the measure. Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, had senators vote on the underlying 1,336 page bill, without any Democratic amendments. The bill was passed with a 13-10 party-line vote. Dodd and Republicans are expected to see whether an agreement can be reached to create a bipartisan bill before it comes up for a vote by the full Senate. Dodd said senators will have a chance to introduce amendments when the bill is considered by the Senate.
Geithner: Without Reform, Future Crises More Likely Reuters | March 22, 2010 | 05:20 PM EDT U.S. Treasury Secretary Timothy Geithner said Monday the financial system was still vulnerable to the risk of future crises and delaying reform would add to uncertainty and drive up the cost of credit. "We are still living with the same financial system that brought us to the edge of collapse, and the success of the crisis response, without financial reform, will make future crises more likely," Geithner said in a speech prepared for delivery to the American Enterprise Institute. In his speech, Geithner reaffirms the Obama administration's demands for a financial reform bill that provides strong protections for consumers and strong constraints on risk taking by big financial firms. Geithner says that failure to pass a meaningful reform bill would mean American firms would face a more "balkanized" global financial system with higher costs and higher risk, and the United States would no longer set global standards. "The test we face is whether we enact real reforms that provide strong protection for consumers, strong constraints on risk-taking by large institutions, and strong tools to protect the economy and taxpayers from future crises. We will not accept a bill that does not meet that test." Geithner is due to make his speech later on Monday, shortly before the U.S. Senate Banking Committee is due to convene for a vote on the new rules for the financial sector.