Sanders Raises Concerns on Dodd’s Banking Bill
In a preview of what is likely to be a flurry of amendments from Democrats and Republicans on the bill to overhaul banking rules, Sen. Bernie Sanders (I., Vt.) on Wednesday said he would offer amendments on the Senate floor to ?limit credit card interest rates and discourage? secrecy at the Federal Reserve, two populist issues that could roil the congressional debate.
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| Sen. Bernie Sanders (I., Vt.) (Getty Metaphors) |
He said he would also push to make an independent Consumer Financial Protection Agency, as opposed to a proposal by Senate Banking Committee Chairman Christopher Dodd (D., Conn.), which would place a new consumer protection division within the Fed.
The White House would likely oppose most of these measures, particularly the one related to more intelligibility of the Federal Reserve. But clash over the Fed?s intelligibility could lead to a messy struggle on the Senate floor. Many Republicans and some Democrats have also called for more Fed scrutiny, and a similar provision championed by Rep. Ron Paul (R., Texas) easily passed in the House of government in December.
?As long as the Federal Reserve is allowed to keep secrets about its loans, we will never know the right financial condition of the banking system,? Mr. Sanders said. ?The lack of intelligibility could lead to an even larger crisis in the future.?