Bosworth said with a few more provisions to attract Republican support, the bill can pass, but passage will make little difference in the status quo, he said.
Elliott said that overall, the bill would represent a major improvement, but that political compromises significantly diminish its effectiveness.
The Dodd bill is a step in the right direction, as it allowed new oversight of the financial sector and gives regulators the tools they need to preemptively tighten reserve requirements and resolve big firms that have failed, Carliner said.
Still, it does not go far enough and Dodd's attempts to appease Republicans have resulted in a watered down bill that does not solve all the problems that the economic crisis has brought to light, he said.
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Obama vows to continue financial reform to prevent new crisis
WASHINGTON, Jan. 27 (Xinhua) -- U.S. President Barack Obama Wednesday said he would continue financial reform to fight against excessive speculation that could send the U.S. economy into a new crisis.
"I am not interested in punishing banks, I’m interested in protecting our economy," said Obama in his first State of the Union address. Full story
Geithner says U.S. deficit unsustainable
WASHINGTON, Mar. 16 (Xinhua) -- U.S. government's top economic policy makers acknowledged Tuesday that the country's fiscal policy is unsustainable.
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Obama caught between a rock and the deficit
WASHINGTON, Feb. 8 (Xinhua) -- The administration of U.S. President Barack Obama has said much in recent weeks about curbing the federal deficit. But many have noted a disconnection -- in spite of such talk, Obama continues to spend record sums.
In this economy, however, the president has few choices, some economists said: either spend federal funds to keep families and consumer spending afloat -- and drive up the long-term federal deficit -- or cut spending and risk a collapse in consumer demand. Full story
