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.