It looks like dealReporter, the publication Michael Scherer and I cited yesterday on financial regulatory reform, got quite a bit wrong. Scherer reports below that Republican Senator Richard Shelby says he’s undecided on the so-called Volcker Rule to limit casino-gambling by banks. And Senator Chris Dodd was entirely misrepresented by dealReporter, Scherer and me:
He supports the Volcker Rule and he has supported the Obama bank tax since the moment it was announced:
“The President has it right,” said Dodd. “Wall Street owes a great debt to the American public and we have the right and the obligation to recoup as much money as we can for the taxpayers. The taxpayers wrote the check that saved these firms. If it wasn’t for the American taxpayers, they would just be empty offices now. It’s time for Wall Street to return the favor.”
“We may also consider additional means to limit executive compensation as part of our financial reform efforts,” Dodd added.
This is good news. I hope Dodd succeeds in getting a financial reform bill that reflects these beliefs.