The New York Times reports that Connecticut Senator Chris Dodd, the Chairman of the Senate Banking Committee, will unveil his own financial sector regulatory reform proposal on Monday after being unable to reach on a compromise measure with the GOP members on the committee.

The chairman of the Senate Banking Committee, hoping to break a months-long logjam on the biggest overhaul of financial regulations since the Depression, will unveil his own proposal on Monday, without yet having a single Republican endorsement.

The chairman, Christopher J. Dodd, Democrat of Connecticut, said on Thursday that the committee would take up the bill on March 22.

The breakdown in bipartisan talks dimmed hopes for a sweeping rewrite of Wall Street’s rules, nearly two years after the collapse of the investment bank Bear Stearns started a financial crisis that has cost taxpayers hundreds of billions of dollars.

Mr. Dodd suggested that he was acting out of a sense of urgency. The House adopted a regulatory overhaul — a priority of the Obama administration — in December on a largely party-line vote. But bipartisan negotiations in the Senate have repeatedly faltered over several critical points, notably the creation of a consumer financial protection agency to regulate mortgages, credit cards and other products.

While it's worth waiting to see what Senator Dodd's proposals actually are and if they include a stand alone independent Consumer Finance Protection Agency and a reigning in of esoteric derivative instruments, it is a relief to hear that Senator Dodd now has a "sense of urgency." It has long been clear that the Republicans are not interested in governing. With their interminable delays, they have sought, and frankly largely succeeded, in derailing the agenda of the Obama Administration. While it may not be too late to actually achieved wide-ranging reforms, that window of opportunity is now measured in just months. The hour of getting down to business is now.

The Associated Press reports that consumer advocate and former Presidential candidate Ralph Nader continues to mull a Senate run in Connecticut against Democratic incumbent Chris Dodd. Nader would run as a Green party candidate.

Ralph Nader says he wants to gauge the level of grass-roots support before deciding whether to make a bid to represent Connecticut in the Senate.

The 75-year-old consumer advocate and Connecticut native said Friday that he is "absorbing" feedback about a possible bid. He was appearing at a book signing at the Noah Webster Library in West Hartford.

The Connecticut Green Party is trying to persuade Nader to challenge Democratic Sen. Chris Dodd in the hotly contested 2010 Senate race. Nader was previously a Green Party presidential nominee.

State Green Party spokesman Tim McKee says he's getting positive responses to the idea of Nader for Senate. He says social networking Web pages are springing up that are urging him to run.

Nader remains non-committal when asked about the possibility but he's not ruling it out either.

"It's premature," he said. "I've been getting an increasing number of requests to do so. This is my home state and I'm just absorbing a lot of the feedback before I make a decision."

Nader said the issue is not so much Senator Dodd as it is the Senate as a whole. Nader characterized the Senate as an institution beset by gridlock and unable to pass most of the legislation sent to it by the House.

It's hard to argue with that assessment.

There's more...

At the urging of the Connecticut GOP establishment, Republican State Sen. Sam Caligiuri has switched from running for a seat in the Senate to one in the House of Representatives. Mr. Caligiuri will enter a primary contest against fellow Republicans Justin Bernier and Mark Greenberg. Should he prevail, he will run against Democratic Representative Chris Murphy in the Connecticut Fifth Congressional District.

The story in The Register-Citizen that serves Litchfield County and northwestern Connecticut:

Calling himself not the most likely candidate to unseat U.S. Senator Chris Dodd, State Sen. Sam Caligiuri withdrew from that race Tuesday and entered the Fifth Congressional District race.

His move came about one week after Connecticut Republican Party chairman Chris Healy encouraged him to switch. In so doing, Caligiuri runs against fellow Republicans Justin Bernier and Mark Greenberg, and Democratic incumbent Chris Murphy.

State Sen. Andrew Roraback, R-30, endorsed Caligiuri, with whom he has worked for years. Calling Caligiuri a person of integrity, Roraback does not believe Caligiuri hurts himself by switching races.

"I think he is helped because of the experience he has in the race," Roraback said. "He has gotten a lot of experience."

"I respect Justin Bernier, all the hard work he has put into the race. Some of the things that most impress me about Sam Caligiuri have nothing to do with politics. He is a good father to his children, a good husband to his wife, and served as a president of the United Way in Waterbury... Sam Caligiuri is a personal friend."

"While his views are to the right of mine on many issues, I've come to respect his integrity, work ethic and intelligence."

Bernier will keep campaigning and focused on getting the endorsements of town Republican committees. Since he became a candidate in March, Bernier, a veteran of the war in Afghanistan, reiterated his goal to attract support from as many people as possible. He was most recently endorsed last week by the Republican town committees in Sharon, Canaan, and Washington, Conn.

"I seek a support of the Republicans and the heart-and-soul of the party," Bernier said. "There is a groundswell of support right now in western Connecticut who want to see real change."

Caligiuri goes into the race for the 5th Congressional district with numerous political endorsements in addition to that of Roraback, including Senate Minority Leader John McKinney, State Sen. Kevin Witkos, State Rep. Craig Miner and former State Rep. Anne Ruwet.

Mark Greenberg, a Litchfield businessman and another Republican candidate in the Fifth Congressional District, suggested Caligiuri cared more about being elected to any office. Greenberg is the owner of several local businesses including Goshen Hardware, Hemlock Kennels, and The Market.

"Sam's decision really highlights the fact that he is a career politician who is primarily interested in holding office -- any office," Greenberg said in a statement. "It's not surprising that someone who is so embedded in our political machinery would withdraw from the senate race, only to immediately switch to another race."

Colleen Flanagan, Connecticut Democratic Party communications director, seized on Caligiuri's switching races, characterizing him as opportunistic.

"Languishing in last place in the U.S. Senate race, Sam Caligiuri is shopping around for a campaign to run like most people shop around for the best deal on a used car," Flanagan said in a statement. "In the last two weeks, he's talked about running for U.S. Senate, Congress, and Governor. It's clear Caligiuri is more interested in personal political advancement than solving the problems Connecticut residents are grappling with every day."

Caligiuri trailed in the polls, and in fundraising, among those bidding to unseat Senator Dodd. That contest remains a three person race between candidates who might best described as filthy rich, filthier rich and filthiest rich. Linda McMahon, the former World Wrestling Entertainment impresario and her husband, showman Vince McMahon, have at least $103.7 million in assets and received at least $8.97 million in salary and investment income over a roughly 22-month period ending Oct. 15. Meanwhile former ambassador Thomas Foley reported assets of at least $32.25 million, while former Rep. Rob Simmons reports a relatively 'paltry' $2.86 million in assets. More on the financial disclosures of the GOP candidates for the US Senate seat in Connecticut from the Connecticut Post.

There's more...

This is incoming from Politico tonight: "Big changes to Obama stimulus plan."

Overall, I'd say it's a very positive report. Highlights of the proposed modifications to the original plan's first draft include:

There's more...