April 14th, 2010
08:29 AM ET
5 years ago

Wall Street reform: Washington's next battle

With the health care fight and two weeks at home behind it, Congress is taking on proposals to reform Wall Street and prevent future financial collapses.
With the health care fight and two weeks at home behind it, Congress is taking on proposals to reform Wall Street and prevent future financial collapses.

Washington (CNNMoney.com) - With the health care fight and two weeks at home behind it, Congress is taking on proposals to reform Wall Street and prevent future financial collapses.

Nothing has really changed since the Senate Banking panel passed an overhaul measure along party lines in late March – except that the rhetoric on both sides has sharpened.

Senate Minority Leader Mitch McConnell, R-Kentucky, came out swinging Tuesday, slamming Banking Committee chairman Christopher Dodd's bill as a "perpetual taxpayer bailout of Wall Street banks."

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Filed under: Congress
soundoff (15 Responses)
  1. Liz

    I hope we make the republicans filibuster this bill. i hope we make them stand up in front of God and everybody and defend their precious banks against the American people. this just might make even the most ardent Kool-Aid swillers realize they are working to benefit the richest of the rich and not the average American. there are two kinds of republicans, multimillionaires and suckers.

    April 14, 2010 08:48 am at 8:48 am |
  2. johnnyhouse

    Yeh they have not screwed up enough yet. Go at it. Next time you need a job ask a man without money for it. I never had a job given to me by a man with less money than me.

    April 14, 2010 08:50 am at 8:50 am |
  3. Carl

    Somebody please explain why in the world we would even consider any proposals from Senator Chris "Dud" Dodd or Representative Barney Frank. This is absolute lunacy! These two were probably most culpable members of Congress prior to the beginning of the "great recession". Congressional "oversight"? Nonexistant. Somebody please pull these clowns out of any position of responsiblity and let the adults be in charge again...please?

    April 14, 2010 09:01 am at 9:01 am |
  4. Dominican mama 4 Obama

    This administration led by our brilliant President Obama continues to address EVERY SINGLE ISSUE with razor sharp focus and precision!!

    Obama is clearing away the monstrous heap of elephant dung left by the incompetency of the previous adminstration. And he's not even breaking a sweat!!!

    McConnell is talking big ca-ca. There will be regulatory procedures put in place thorugh this bill that will make the likelihood of a future governmental involvement unlikely. Furthermore, McConnell is talking trash when he states that Americans did'nt want the gov't to "bailout" Wall St. Americans did not want to continue to see their retirement funds, 401ks, et al bottom out to zero due to the neglect of the previous administration lack of administrative and governing skills.

    April 14, 2010 09:05 am at 9:05 am |
  5. Larry

    I think we learned our lesson about bailouts–from now on let them fail. The world won't end.

    This wasn't a United States financial crisis, it was a world crisis, and other countries are pressuring us to reform our banking and investment practices.

    We don't have any choice. We have to reform if we're going to participate in a world market.

    April 14, 2010 09:17 am at 9:17 am |
  6. Dutch/Bad Newz, VA

    Republicans are in bed with Wall Street. They definitely won't vote for this since this is an election year and their biggest campaign contributors are from Wall Street. Republicans need to pay attention to what happened in Florida last night because that will be happening to majority of them in November.

    April 14, 2010 09:35 am at 9:35 am |
  7. Jacq

    Is it me or are the republicans just swing at anything,seem like the party still hasn't got up off the canvas from last November,they can't clear the 8 count swing for the ref and all

    April 14, 2010 09:36 am at 9:36 am |
  8. Dean

    Chris Dodd as Banking Committee chairman and overseeing bank reform is the perfect example of putting the fox in charge of the hen house.
    Our congress is disgraceful.

    April 14, 2010 10:07 am at 10:07 am |
  9. Brink

    Mitch, you may recall that it was President Bush that signed the Economic Stabilization Act in 2008 which created a $700 billion Troubled Assets Relief Program to purchase failing bank assets. So now the GOP is against bank bailouts. Don't you understand that the American people clearly understand that your party has no principles, ideas or direction? Can't wait until November to see how this plays with American voters.

    April 14, 2010 10:20 am at 10:20 am |
  10. Jin

    Obama should stuff this one down the repugnicans' throats and see if the teabaggers are really wanting the banks curtailed or if they are simply racists against anything the Obama administration is suggesting.

    April 14, 2010 10:31 am at 10:31 am |
  11. Carl Justus

    McConnell and the republicans will do all they can to stop any oversight of the money men of wall street or the big banks or corporations who own them the same as if they were cattle or slaves.

    The republicans are bought and paid for by the rich and powerful special interests. Do not believe me then watch what happens they will kill the bill or have it so watered down it will do nothing to make sure the middle class and the average tax payer is not use again to bail them out. The republicans holler, but Bush and Paulson were the ones who got the 700 billion to bail out wall street. That happened even before the election.

    April 14, 2010 10:35 am at 10:35 am |
  12. Chris

    McConnell's explanation for why Republicans voting against the bill is typical twisted Right Wing backward reasoning. He knows that the pubic is overhwelming for reform of Wall Street. So he can't make it appear that he is against the intent of the bill. Instead, he focusses solely on the unpopular bailouts. Of course, he could always just offer up an amendment to the bill to address the bailouts. Except he argues that the entire bill be scrapped, because of one imperfection. If every politician voted down any piece of legislature they thought wasn't perfect, we'd still be trying to ratify the Constitution.

    April 14, 2010 10:36 am at 10:36 am |
  13. Michael

    McConnell and the other parasites would rather see NOTHING happen at all.
    We can see you now.

    April 14, 2010 10:45 am at 10:45 am |
  14. non-partisan

    McConnell suggests "perpetual taxpayer bailout of Wall Street banks" in the proposed bill. Where is that among anything being suggested? It just sounds crazy inconsistent with what's being said...

    April 14, 2010 10:47 am at 10:47 am |
  15. Dean

    Why would the Republicans want to reform wall street it's working just fine for them.

    April 14, 2010 10:48 am at 10:48 am |