Sen. Chris Dodd, D-Conn, the chairman of the powerful Senate Banking Committee, said Thursday that as nations around the world revamp their financial systems they should seek compatibility.

However, Dodd, who also sits on the Senate Foreign Relations Committee flatly rejected proposals put forward by some nations, including France, that the international community should set up some kind of global regulator for financial markets.

Compatibility is a goal, he said. To the extent you can have compatibility we ought to do that.

He added, This country will never accept the idea of having some kind of mandatory regulations by an international system. That's just not going to happen.

Dodd said he believes President Barack Obama and many other heads of state were seeking to establish a common framework for regulation, with each country making adjustments to meet its own needs.

Seeking compatibility of financial system regulation makes a lot of sense, and I think that's what the President was talking about, where we embrace certain principles together and then let each country or group of countries decide what structure serves them best, he said.

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