Dodd Denounces Pace of Banking Overhaul

February 5, 2010

By: Sewell Chan,

WASHINGTON — Executives at Goldman Sachs and JPMorgan Chase expressed misgivings on Thursday about the Obama administration’s new proposals to restrict the size and risk-taking of the country’s largest financial institutions.

Their comments, before the Senate Banking Committee, appeared to further complicate the challenge facing the panel’s chairman, Christopher J. Dodd, Democrat of Connecticut. For months, Mr. Dodd has been leading closed-door negotiations over a bill to overhaul the nation’s financial regulations, and on Thursday he expressed dismay at how long the process was taking.

“The fact is, I am frustrated, and so are the American people,” Mr. Dodd said at the start of the hearing, adding that few of the rules of Wall Street had changed, nearly two years after the collapse of Bear Stearns at the inception of the financial crisis.

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