April 20th, 2010
06:46 AM ET
4 years ago

Wall Street reform: Senate showdown set

Washington (CNNMoney.com) - With SEC charges against Goldman Sachs in the background, Democrats plan to start debating the Wall Street reform bill in the Senate this week, even as Republicans continue to say they oppose the bill.

"Our bill ends too big to fail, bailouts end forever," said Sen. Chris Dodd, D-Conn., in a Monday press conference held to drum up momentum for the bill. "Our bill holds Wall Street accountable, mandates real transparency, so that large banks can't gamble our money in the shadows of the financial system."

But, in a letter to Senate Democrats on Friday, 41 Senate Republicans said they "are united" in opposing the current bill that passed the Banking Committee last month, according to a letter penned by Senate Minority Leader Mitch McConnell, R-Ky.

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Filed under: Chris Dodd • CNNMoney.com • Financial Reform • Mitch McConnell
soundoff (22 Responses)
  1. gary

    I shutter in my boots to think of obozo as our president the next three years. This incompetent clown doesn't know what he is doing and will bring this country down with his marxist policies. Well, he's good news to the other side since the dimocrats will lose both the house and senate come November.

    April 20, 2010 09:46 am at 9:46 am |
  2. Dano

    These bozos would be united in opposition to finance reform no matter what bill was introduced by the Democrats. The GOP mantra has always been to let businesses regulate themselves, but we've all seen and are living through the afternath of those failed policies. Corporate CEOs and Wall Street are not – and have never been – concerned with the well being of average Americans. They blindly pursue maximum profits – that's their job – no matter what the consequences. That's why they need a little regulation to let them know how far is far enough.

    April 20, 2010 10:09 am at 10:09 am |
  3. Dale

    Republicans will defend the status quo. Who would have predicted that?

    April 20, 2010 10:12 am at 10:12 am |
  4. katiec

    How anyone can still believe that the republicans represent the American people, that they will not sacrifice us for their support of big business, has to be totally unaware of what they have been and are doing to our country. The Limbaugh, Beck, Palin, etc followers refuse to look beyond these radicals ranting and raving and search for facts. There is no chance of reaching these people, but the majority of intelligent Americans realize these headline seekers, dishonorable people have absolutely no creditibility.
    We, the voters, must say, enough is enough. No more lies, fear mongering, unAmerican behavior. No more of trying to destroy our
    country.

    April 20, 2010 10:14 am at 10:14 am |
  5. Alan

    It is amusing to me to hear politians talk about never bailing anyone else out ever again.

    If any of you believe either the Dems or the Repubs when they say this you are an absolute blooming IDIOT!!!

    April 20, 2010 10:16 am at 10:16 am |
  6. awaitingliberalizationbyCNN

    I would hope that several years from now when the dust settles and it is found there was no violation by Goldman Sachs and this case is unraveled that Obama and his slimy corrupt corps (pronounced corps, not corpes) are sent to jail for using the Justice Department for political purposes to prosecute innocent Americans.

    April 20, 2010 10:16 am at 10:16 am |
  7. Doraine Gordon

    Slow down, think about it more, take it off the table and start over going line by line. All this has such a familiar ring to it, doesn't it? This is the GOP's way of not doing anything. They don't want reform of any kind. They are perfectly happy with the status quo. What are we paying these Republicans for? They show up about 60 days out of the year to protest everything the Dems try to do. This was decided when Obama was elected. Say no to everything he tries, break him and run him out of Washington any way we can. That's the cry of the Republicans! We elected them to work for us but they refuse to do their job. They would rather be the party of no. They are all terrible people and how they can sleep at night is beyond me. We, the American people, voted this bunch into office and we can vote them out. If you want the status quo to continue then vote Republican. I hope we are all smarter than that!

    April 20, 2010 10:19 am at 10:19 am |
  8. Former Democrat

    Goldman Sach donated $1 million to candidate Obama...his second highest donor. Will he return it?

    And why is Fannie and Freddie not part of the reform?

    April 20, 2010 10:31 am at 10:31 am |
  9. Ryan

    The big banks and the GOP are absolutely linking arms on this one which is astounding. They're basically dating and trying to hide it from us by only holding hands in private. But we know the truth. We aren't stupid.

    The whole reason the republicans follow Mitch McConnell without question is because he's sickingly rich (despite representig some of the poorest constituants in his home state)...he recieved the most lobbying from big banks and that money is seen as power for any GOP member looking for campaign funding and political pull.

    Bottom line, Republicans do nothing for free and the passage of this bill will cut off thier cash cow. One more failure to prevent one more law that hurts thier lobbyists and the GOP is toast. Because they can't do anything right EVER.

    April 20, 2010 10:31 am at 10:31 am |
  10. Vic of New York

    If only people from the mid-west could see what I see in New York. The exotic car dealers, stock market traders in their thirties driving around driving around in Porches, Maseraties, Lotuses, and Ferrari.

    There's nothing wrong with having some spare cash. What's wrong is when you made that money by scamming other people.

    What's worse is when you made that easy money by scamming investors and then complain about paying "too much taxes".

    What happened on Wall Street wasn't about "investing". It was about scheming ways to make money by misleading them into investing in mortgages they couldn't afford, then selling those risky mortgage securities to average citizens while pretending they were "high quality" investments. That's what the Goldman suite is about.

    That's what George Bush and his Republican cronies were championing with their "code talk" about not letting government interfere with private investment.

    Now Republicans are at it again. Stuffing their pockets with money from Jamie Diamond (Chase) and pretending to be for financial reform - while speaking with a forked tongue in actual committee deliberations all the time.

    The real tragedy is that many of the "Conservatives" and "Right Wing" supporters out there have their heads so far up their backsides listening to FOX media – that they have no idea how they are being taken for a ride by their leaders.

    April 20, 2010 10:32 am at 10:32 am |
  11. lmj

    Is there anything that the Republicans are NOT "united against"?
    If they thought Obama was in charge of giving out air, they would be "united against" it. If they thought Santa Claus was a Democrat, they would be "united against" it.

    April 20, 2010 10:33 am at 10:33 am |
  12. Ron in California

    Frankly, Chris Dodd has no credibility. The Repubs need to get on board with some sort of reform but they are right to question this bill.

    April 20, 2010 10:37 am at 10:37 am |
  13. USN

    Obama the uniter . Hate wall street , luv the gov , hate insurance luv the gov . hate GOP luv the guv , hate banks luv the gov , hate doctors luv the guv . hate auto co. luv the guv , hate oil luv the guv , hate the rich luv the guv . sounds more like divide and concor.

    April 20, 2010 10:37 am at 10:37 am |
  14. j

    The Democrats need to hold strong and do what they can to weaken the Republican obstructionism.

    April 20, 2010 10:39 am at 10:39 am |
  15. kyle from ohio

    This is not the Health Bill, So we the people expect, some suggestion on how to solve this problem, being United against this bill is un-acceptable. Even the Tea-Party, the Left wing or right wing, the Lib or Conserv. all know that this must be fix. get over your political difference and do the peoples work. Quite being weak on people and strong on corporates. WE all are watching, this is not a right or left issue.

    April 20, 2010 10:44 am at 10:44 am |
  16. Brink

    The McConnell Wall Street tap dance is hilarious to watch. Can't wait for the rest of the GOP (Grease Our Party) hacks to join in to attract their fair share of Wall Street's hard earned largess. Just a thought, but why is the GOP going against the "will of the People" in refusing to reign in Wall Street's shady practices? And we know that you say "No" to the Democrat's bill but where is your bill? i guess you will just stick with your clever strategy of saying No and offer no plan of your own, while trying to claim that you were left out of the process because of partisan politics. You will discover to your dismay in November how that strategy has played with the American people.

    April 20, 2010 10:46 am at 10:46 am |
  17. Valerie in Raleigh

    Yes sir, you can always count on the Republicans to vote against anything that will benefit the American people. They will say it needs to be re-written, adjusted, worked-on, tweeked and, eventually will suggest that the Democrats simply need to "junk it" and start over. Wall Street loves them, the very rich love them, the wing nuts love them but, hopefully the average American sees them for what their goals really are – vote against everything presented by the President and protect the "fat cats" that give them a lot of money, listen to Boss Limbaugh and the nut at Fox, Glenn Beck, so they can continue to attempt to bring down the Obama administration so Republicans can gain the White House. How far the once-proud Repuboican Party has fallen!!

    April 20, 2010 10:47 am at 10:47 am |
  18. Lynda/Minnesota

    In reading the proposals the GOP DOESN'T want put in the bill, I wonder why the GOP is so earger to side with bankers by trying to stop the bill from being debated?

    The items in question benefit the banks - NOT we the people.

    April 20, 2010 10:48 am at 10:48 am |
  19. lila

    Either the GOP comes up with something stronger in terms of a reform bill or they vote yes. Nothing is not an option. Unless they want to watch Obama ride the money train with no blame and have the economy boom in the next 3 years so he can get elected again and then have a bust follow just in time for the republicans to get a shot at bailing out the Nation from a great depression they refused to prevent.. and we all know it was them that refused reform. The republicans can then refuse to bail out banks. Lets watch unemployment climb to 25% and have it fall on republican heads. It will be the 1930 all over again. We only need to look at the past to know the future on this one. It's so clear that republicans seem blind.

    April 20, 2010 10:48 am at 10:48 am |
  20. moosehead

    How can the Republicans, in all conscience, rationalize opposing this legislation,... especially after the catastrophic effects, the lack of regulation had on the economy and people's lives. When it comes to regulating greedy bankers,.. i want government to be a big presence, and wielding the biggest stick possible.

    April 20, 2010 10:49 am at 10:49 am |
  21. Joe Smith

    The Republicans are united in their disloyalty to the United States, and their willingness to try to make money by abusing their positions.

    April 20, 2010 10:52 am at 10:52 am |
  22. James Miller

    When Glass-Stegal was considered obsolete, banks were allowed to merge with brokerage houses thus starting the mess we`re in now. --- Just like the fox guarding the henhouse. --- And we all got " plucked" !!!!!

    April 20, 2010 10:55 am at 10:55 am |