A Rocky Start to the New Era of Bipartisanship

And not just on health care reform. Sen. Chris Dodd (D-Conn.), head of the Banking Committee, announced this morning that, after weeks of financial reform negotiations with the panel’s senior Republican, Sen. Richard Shelby (Ala.), the two sides “have reached an impasse.”

While I still hope that we will ultimately have a consensus package, it is time to move the process forward.

I have instructed my staff to begin drafting legislation to present to the committee later this month.

There’s been a great deal of speculation about whether the retiring Dodd would use his newfound freedom to go populist with his financial reform plans in a way that he might not have been if he’d sought re-election. That is, would the Connecticut Democratic insist on the creation of a consumer financial protection agency — as House Democrats, President Obama and consumer advocates are hoping for? Or would he scrap that plan in the name of getting Shelby on board — as he hinted at last month?

Today’s announced doesn’t offer any answers, but Dodd’s plan to move forward without Shelby certainly leaves the advocates with more hope than moving forward with him.