VOA标准英语2010年-Congressional Democrats Propose New Fi

Legislation proposed this week by U.S. Senator Christopher Dodd could result in big changes in the way financial institutions do business.  Dodd, the Democratic Party chairman of the Senate Banking¹ Committee, says the bill expands the Federal Reserve's role in policing large financial institutions and creates a new consumer protection agency.  But some predict a tough battle for the bill to pass. 

Democrats² are moving forward with what they call "the most sweeping³ financial reforms since the Great Depression." 

Senator Christopher Dodd, who sponsored the bill, says the financial meltdown that led to the collapse⁴ and subsequent bailouts of some of the largest U.S. firms shows the current regulations are inadequate⁵. "We have learned the kind of condition we are in is because either we didn't have regulation or that the regulators we had weren't doing their job," he said.

Dodd says the failures have hurt middle class Americans the most. "The far worse damage has been done to millions of American families who did nothing wrong at all.  A staggering 8.4 million jobs have been lost and the unemployment rate remains⁶ near double digits," the senator noted⁷.

To avert⁸ a future crisis, Dodd proposes an expansion of the Federal Reserve's authority.  Besides giving the central bank the power to limit institutional risks, the proposal gives the Fed the ability to break up large institutions considered "too big to fail."  It also creates a new consumer protection agency that will approve and enforce financial products.  But some are doubtful the reforms will work.

"At the end of the day, the investment bankers and the financial engineers still have the ability to go out and create products that nobody understands," said Boston University School of Law professor Cornelius Hurley.

Banking lobbyists argue the bill will hurt families and businesses because it will force banks to tighten⁹ credit.  But Brookings Institution banking expert Doug Elliott says the trade off will be increased security. "It was so expensive to clean up after this crisis, we need more safety - even if it makes loans a little more expensive," he said.

Republican Senator Bob Corker, who was involved in bipartisan negotiations¹⁰ before the talks broke down, said the plan faces a tough fight in the Senate. Among Republican concerns: that the new consumer watchdog will have too much authority to ban financial products. 

In a statement issued Monday, President Obama promised to work with Senator Dodd to defeat any efforts to weaken the bill. 

Dodd has pledged to pass the new regulations this year.

 

1 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

2 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

3 sweeping   

adj.范围广大的，一扫无遗的

参考例句：

• The citizens voted for sweeping reforms.公民投票支持全面的改革。
• Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗？

4 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

5 inadequate   

adj.(for,to)不充足的，不适当的

参考例句：

• The supply is inadequate to meet the demand.供不应求。
• She was inadequate to the demands that were made on her.她还无力满足对她提出的各项要求。

6 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

7 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

8 avert   

v.防止，避免；转移(目光、注意力等)

参考例句：

• He managed to avert suspicion.他设法避嫌。
• I would do what I could to avert it.我会尽力去避免发生这种情况。

9 tighten   

v.(使)变紧；(使)绷紧

参考例句：

• Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
• Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。

10 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。