Senate banking Chairman Sen. Christopher J. Dodd will try to strike a delicate balance Monday as he introduces a new measure to overhaul the nation’s financial regulatory system, including provisions aimed at shoring up support among fellow Democrats but also incorporating compromises he reached with Republicans.
“It’s a bit of a high-wire act,” Dodd (Conn.) said in an interview Sunday.
Staff members labored throughout the weekend to piece together the far-reaching legislation, trying to find language that would please Democrats on Dodd’s committee but would preserve the hope of eventually winning GOP support.
If you want to skip to the end of this story, Dodd will score precisely zero Republican votes for this bill. The Democratic base will justifiably hate the bill for compromising away every meaningful provision and Republicans will use the watered-down final draft to attack Democrats as chummy with banksters. You would expect Chris Dodd to figure out to this lose-lose-lose game by now.
Then again, maybe Dodd knows perfectly well what he is doing. It all depends on where he wants to work next.