While the debate over reforming our financial sector has gripped Washington for almost two years, the U.S. Senate seems less concerned with thoughtful consideration than it does with meeting an arbitrary deadline set by the Obama administration.

Last year, House Financial Services Chairman Barney Frank held more than 50 hearings to consider reform, and the process still felt rushed. This year, Senate Banking Committee Chairman Christopher Dodd allowed his committee to consider the 1,300-page legislative text of his bill for a whopping 20 minutes. After such "intense" consideration, it's not surprising that the Dodd bill misses the mark and has enormous unintended consequences. It expands protection for the biggest banks, restricts credit for consumers, limits risk management options for banks and fails to address Fannie Mae and Freddie Mac.

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