Senate Days Away from Finance Bill

A bill will be introduced "within days" in the Senate to redraw the financial regulatory map and alter the way that rules are put forward by the U.S. Treasury and Congress, the Financial Times reported Monday. But, despite the hopes of President Obama, it appears that no Republican is likely to get behind the new law. “I’m afraid we’re moving towards a partisan process,” Republican Sen. Bob Corker told the newspaper. The bill would address derivatives, systemic risk, and authority issues for failing companies and consumer protection. In its current form, the bill envisions combining disparate banking authorities into one single body.