Financial Overhaul Bill Could Be Done By January: Dodd

Sen. Chris Dodd (D-Conn.) told CNBC Wednesday that he hopes to get a bill on financial regulation reform to the Senate floor by January of next year.

"Timing is critical and we don't want to rush into anything," Dodd said. "But we want to spend the month of October to try and write a bill and then have something by December or January of 2010."

Dodd on Wall St.'s New Rules

Dodd, chairman of the Senate Banking Committee, also said that the consumer protection idea would apply to a wide range of people. "We're striking a balance between getting it right and keeping a sense of urgency," said Dodd.

(See video for full interview with Dodd)

Dodd said he wanted to make it possible to unwind the bigger financial firms by having sufficient capital requirements in place. "We want to have 'too big to fail' to rest permanently," said Dodd.

When asked about a public option for health care reform, Dodd said that he still believed one was possible. "It's not dead yet even with the recent votes," said Dodd. He went on to say that there's still a lot of public support for a public option.

On Tuesday, the Senate Finance Committee voted down two amendments in support of a government sponsored option as part of a health care reform bill.