Senator Chris Dodd (D-CT) and President Obama met face-to-face on Tuesday. Reports suggest that Dodd may drop the proposed Consumer Financial Protection Agency from the emerging Senate Financial Services Bill, in order to gain the support of some Republicans and centrist Democrats. One administration official said the President’s position in favor of the inclusion of the Consumer Financial Protection Agency in the bill is, “nonnegotiable.”
President Obama proposed a new tax on the nation’s biggest banks to pay for the financial bailout. Several leading reverse mortgage lenders, such as Bank of America, MetLife, and Wells Fargo, are included in this category.
Brown’s victory also concerns Democrats who are worried that their party will suffer heavy losses in the midterm elections this fall.
President Obama’s State of the Union address is planned for January 27, 2010.