Saying there is "more work to be done" in revamping the regulation of financial services and protecting consumers, Senate Banking Committee Chairman Christopher announced today that he will remain in that post.
He will stay as the point person for restructuring efforts. Dodd has said he favors having one regulator for all banks but several lobbyists for credit unions have said Dodd's staff has indicated that he favors keeping NCUA as an independent agency.
"Too many Americans have lost their jobs, their homes, their life savings in this crisis. We must never allow this to happen again. We have held more than fifty hearings in our effort to develop the strongest legislation that best protects consumers and helps businesses grow jobs. And this fall, we will get that legislation done," he said.
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Dodd will also have much to say about President Obama's proposal to create a separate agency to regulate consumer financial products.
The veteran lawmaker, who faces a difficult reelection fight next year, could have chosen to leave the helm of the Banking Committee and become chairman of the Health, Education, Labor and Pensions Committee, a vacancy created by last month's death of Sen. Edward M. Kennedy (D-Mass.) from brain cancer.
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