Washington (CNN) – A Republican who sits on the Senate Banking Committee defended his party’s lockstep opposition to the current version of the financial regulatory reform bill but said he thinks the GOP and Democrats can ultimately reach agreement on how best to oversee Wall Street.
All 41 Senate Republicans voted against a motion Monday that would have started debate on the financial regulatory reform bill. Speaking on CNN’s John King, USA soon after the vote, Sen. Jim DeMint, R-South Carolina, said he hoped his party’s unanimous opposition would facilitate more bipartisan negotiations.
DeMint called the current version of the legislation “another massive bill that doesn’t keep the promises on the label.” And the South Carolina Republican said the current bill doesn’t adequately address the causes of the recent financial crisis but it does, in his view, expand regulation to parts of the financial industry that did not have a role in nearly bringing the economy to a halt in late 2008 and early 2009.
Related: Senate delayed on Wall Street reform
“So, we’re hoping the vote tonight will at least get the Democrats to work with us on fixing the problems and making sure that we just don’t have another overreach of government power without really fixing the problem,” DeMint told CNN Chief National Correspondent John King.
DeMint added that one of the major points of disagreement has to do with mortgage giants Fannie Mae and Freddie Mac and how to fix the subprime mortgage market.
“[Democrats] are not allowing us to address it. So, hopefully if we can shake them up like we did tonight and help them see they’re not going to ram this down our throat, then we can get a real bill that the American people can feel good about.”
On the issue of immigration reform, DeMint said the federal government needs to secure the borders before moving forward with any overhaul of immigration policy.
Related: Graham's exit puts climate change bill in limbo
DeMint also accused Senate Majority Leader Harry Reid, D-Nevada, who is up for re-election this year, of “playing politics with immigration to try to show the people back home he wants to do something about it.”
In a note of support for the senior senator from South Carolina, DeMint said fellow Republican Sen. Lindsey Graham has taken “an important stand” in withdrawing his support for a climate change bill since Reid and Democrats began to signal their desire to prioritize passing an immigration bill this year.
And DeMint told King that he was not concerned about alienating Latino voters in November’s mid-terms.
“Every immigrant that I’ve talked to - that’s come here the legal way - wants us to continue to work on border security and a workable worker I.D. system. All of us as Republicans want to move ahead with those kind of reforms.”
Well then heres an idea Demint. Tell your buddies in the republican party to start helping with getting regulation writen instead of just saying NO. we're tired of the GOstoPos antics to block everything and come election time you'll find out how tired we are when your party falls to the wayside for their disloyalty to the American Voters. You so called conservatives just don't have a clue. It's all about you and what you can get from the people. what was that quote now, don't ask what your country can do for you but ask what you can do for your country. You need a history lesson.
Yeah right, demint. You had plenty of time to negotiate what you wanted in this bill. Where were you and your republican collegues when that was supposed to be happening? This is just another stall tactic while you and your fellow republicans fill the airwaves with lies about the bill (like the fib McConnell told about the taxpayer bailing out the banks; the bill has the banks contributing to their own fund to bail out troubled institutions). Give me one good reason why we should believe anything you say on this bill when everything you have said so far has been crap.
born demented and demented will fade away
Well we know who is getting paid off.
Good job stuffing this up the democrats 6
DiMint you are Disgusting and so are the rest of your party if you plan to block every thing that is proposed by someone other than the Party of NO! What ignorant, arrogant, hypocrities!
DeMint proves once again that his minimal sized brain is demented, or fermented or augmented with gray paint rather than gray matter. This man makes G Bush and "Half Gov Palin" look smart.
Its just in the Republicans Hearts to love Wall Street.. they did well all during the Bush years and the slide of this country the USA into an almost Depression... But befroe the slide the money was great and when their bets on the downfall of the Real Estate industry came true and Wall street made more money they loved that also...Its just in their Hearts.. friends.. they can't help it......
Anything DeMint is for the Democrats should not even consider.
Republicans you said the same thing about Health Care Reform.
That's because the GOP attempt at "fixing things" hasn't worked and the Dems don't want a repeat of the disaster that was the former administration's cozying up to the banks and the big money.
The Repubs had better start to play or they will be on the outside looking in come November and obliterated in 2012. Party politics aside, there has to be a bi-partisan way to get things done in Washington. If the Republicans had truly good ideas, I'm pretty sure, they would be welcome and included. The filibuster attitude about saying "NO" to everything will eventually come back to bite them.
Not a shocker....when have the Republicans cared for most Americans?
If you are 'married 'to the Republican party, it is time to realize they only care for their own self greed and power and that is why they continue to have an affair with Wall Street and the top 2% wealthy folks. Are you still in denial? Get help.
Reforming wall street will harm Republicans whose political ideology is to polarize American. As an economist with no party affiliation, I believe that only financial reform can forestall future melt down. So what in hell are you guys afraid of in joining hands with the democrats to restore sanity to our financial system. A party of perpetual NOs and opportunists whose political success thrives in crisis.
A 'NO" from them serves them and their croonies, while a grumbling yes could save every American from a repeat of the near -catastrophy created by the REPUGREEDANS under the scapegoat "George W Bush's administration
The poster child for bad politicians. This guy has made it clear that he has no intention of doing anything but be an obstructionist . If this administration said the sky is blue, this clown would call it a lye and that it is being shoved down someones throat. Grow up and do something for " We the people:. We have heard nothing of substance from your spinning mouth. Take the sheet off and get two work for the people for a change. All the obstruction is getting old..
"...expand regulation to parts of the financial industry that did not have a role in nearly bringing the economy to a halt in late 2008 and early 2009"
What a moron. So don't regulate until something bad happens. Way to go Republican! Keep showing us how much you love this country by trying all you can to bring it down, so you can prove a point that only a white male can rule America. Great job!
Americans have seen this movie before, a strategy of delay, obstruct, lie, distort, malign, misinformation, and displacement of blame! Repuglicans are charlatans, corrupt, and not even God fearing, but, if you listen to their rhetoric, they will sell you swamp land in Florida or the gospel according to neocons not Jesus! Repuglicans are a self serving bunch of corporate welfare loving little rich kids, who love to use their power and influence, to manipulate Americans will against American interest for their own political gain!
41 Republicans voted against financial reform. We need their names and how much Wall Street paid each.
Finally, some senate wisdom has been exercised, and forces completion of bill before voting on it! Total control by the extreme left so far has been bad for this country!
This bill is simply another shot in the heart of free market. Our government can't regulate it self much less wall street. Proof is the fannie & freddie fiasco.really well managed huh.
The Gop is in the same bed with wall street! All republicans are bought and paid for!
GOP opposition to Wall Street reform? Huh?
God, if that doesn't make clear the values and priorities of Republicans nothing will.
I can't believe that once again I'm seeing that tired old cliche " Ram this down our throat".This is supposed to be an educated man and he falls into that old cliche used by every person with limited vocabulary that wants to complain about something the administration is working on . Most of the time it's something that hasn't even gotten a good start and the writer [often repub.] is against it before he knows what it"s about.They just love that phrase,even though its trite and says nothing.
The bottom line is the Republicans are on the 'take' and they are not going to look out for Main Street because they are in the back pockets of Wall Street. The only folks that don't understand that are the idiots and fall for any of their sorry and negative and hateful campaign adds and rhetoric. And they say, "A Sucker is Born Every Minute!"
In this great country, you have to ask yourself how dose somebody so dumb " DeMint " understand such an important bill ?
America is not the land of the obstructionist and narrow minded.
We are a people that learn from our mistakes , not repeat them.
Would CNN please do a DNA test on DeMint and see what planet he's from ?
"Democrats are not allowing us to address it" Senator DeMint, isn't this the motion that the Republicans so far have refused to debate on?And, why is it the Repubs always like to say that the Democrats are" playing politics"when they are trying to get something going and the Repubs just do nothing. WHY DON'T YOU TRY PLAYING POLITICS.