April 28th, 2010
09:15 AM ET
4 years ago

Hutchison says GOP must have role in financial reform bill

Sen. Kay Bailey Hutchison, R-Texas, told CNN’s John King Tuesday that her party should play a larger role in drafting financial reform legislation.
Sen. Kay Bailey Hutchison, R-Texas, told CNN’s John King Tuesday that her party should play a larger role in drafting financial reform legislation.

(CNN) – Days after Sen. Kay Bailey Hutchison stood firm against the Democrat-backed financial reform bill in the weekly GOP radio and internet address, the Texas Republican is demanding her party be allowed to play a larger role in drafting the reform legislation.

"Well the reason that we are not ready for this bill to go to the floor is that we have just had an experience with health care reform in which not one Republican amendment was passed, not one Republican vote was a part of this process," Hutchison told CNN's John King Tuesday evening on John King USA. "Now we are trying to have a part in this process and we have been promised negotiations before the bill would go to the floor."

Her comments came the same day Senate Democrats failed – for the second time in two days – to muster the 60 votes needed to start debating a financial reform measure that has so far failed to attract any Republican support. Nebraska Sen. Ben Nelson, a Democrat, also voted against starting debate on the legislation.

In response to the blanket GOP opposition, Senate Majority Leader Harry Reid, D-Nevada, has accused Republicans of preferring to work "behind closed doors, instead of on the floor of the Senate in full view of the public."

Senate Minority Leader Mitch McConnell, R-Kentucky, meanwhile said his party is merely trying to draft a better bill – a sentiment Hutchison echoed on CNN.

"I think that if time is given to us, we will be able to do that because we do want reform," she said. "But the bill that is before us does not stop taxpayers from having bailouts in the future. It does not."

"We need to have some idea and some Republican input before this goes to the floor and then have an amendment process," Hutchison added. "But if no Republicans are going to be heard, no Republican amendments are going to be passed like health care reform then it's going to be another bill that we think will hurt our economy and will not produce the result that we all want, which is reform."

Republicans released a memo Tuesday outlining an alternative approach to a financial overhaul that shared many provisions of the Democrats' bill. The draft suggests Republicans prefer a panel consisting mostly of regulators to create new consumer protection rules. Republicans also want new rules cracking down on the government sponsored enterprises Freddie Mac and Fannie Mae.

Hutchison unsuccessfully sought the Republican Texas gubernatorial nomination, losing to Gov. Rick Perry last month. Amid urging from national and Texas Republicans, Hutchison decided to serve out the final two years of her Senate term, even though she pledged during the primary that she would retire this year.

– CNNMoney.com's Jennifer Liberto contributed to this report

soundoff (9 Responses)
  1. Betrayal of us.

    It begins with Blankfield going to Jail.

    not the prop dummy "Fab"

    The Senate tongue lashing is cute, but if the head of Goldman Sachs who approved the Sh*#ty deals, and robbed so many hardworking Americans, both of their savings and now of their tax dollars does not get at least 10 years in a max security prison.

    Then the Senate may as well be accomplices

    April 28, 2010 12:20 pm at 12:20 pm |
  2. Dano

    Senator Hutchison the GOP will have a role in the final financial reform bill. Unfortunately for average Americans that role will be to water down any regulation of Wall Street as much as possible – then they'll vote NO on it anyway because it was proposed by the Democrats!

    April 28, 2010 12:26 pm at 12:26 pm |
  3. S.B. Stein E.B. NJ

    Have the GOP put anything in during committee hearing or bill writing? Why didn't they do anything then? I'd like to hear the reason why they nothing during the bill writing process.

    April 28, 2010 12:29 pm at 12:29 pm |
  4. Susan

    How can you republicans have more of a say in the Bill if you won't go to the floor and have any debates......do your job and vote for a debate and then work it out on the floor.......since both partys are all for a Reforms bill......but the way it looks to us out here on main street is that you republicans don't want Obama to pass this bill unless the GOP has more of a say so in what the bill proposes........get off your butts and stop this Party of NO and start standing for the people of this country instead of for yourselves and your party......

    April 28, 2010 12:36 pm at 12:36 pm |
  5. Four and The Door

    Senate Majority Leader Harry Reid, D-Nevada, has accused Republicans of preferring to work "behind closed doors, instead of on the floor of the Senate in full view of the public."
    ______________________________________________________
    Yeah, but look at all of the legislation the Democrats have been able to pass in the last year using the same strategy. Seriously, this is ironic coming from Senator Reid.

    April 28, 2010 12:38 pm at 12:38 pm |
  6. stevetall

    Yeah, well, get working on something, Brainiac! So far, the Republicans just want to take the ball and go home without playing. If you want to participate in a positive way, get to work and remember that your job as a statesman involves compromise, debate, and a genuine desire to move America in a direction that helps all, not just your tight-ass, frightened right-wing nut friends!

    April 28, 2010 12:38 pm at 12:38 pm |
  7. Randolph Carter, I'm no expert but...

    "Well the reason that we are not ready for this bill to go to the floor is that we have just had an experience with health care reform in which not one Republican amendment was passed, not one Republican vote was a part of this process," Hutchison told CNN's John King Tuesday evening on John King USA. "Now we are trying to have a part in this process and we have been promised negotiations before the bill would go to the floor."

    Kay, what have you been smoking? The corporate profit protection program disguised as healthcare reform was, more or less, the plan proposed by republicans in response to the Clinton healthcare plan. Shoot, we didn't even get the public option. Give me a break, Ms. short memory. Have a nice day!

    April 28, 2010 12:40 pm at 12:40 pm |
  8. geecee

    All the Repugnantcans want to do is obstruct. They don't want to contribute, they don't want to resolve, they don't want a hand in anything except if that hand is to prevent anything from getting accomplished. The less they can get Obama to accomplish, the better off they will be and then they can say he did nothing of any substance during his administration. We are onto them and get what they are up to. Back-stabbing, lying, dirty-dealing lowlives is the Republican Party. They will do anything to get elected; and I hope the American people won't be fooled this November and vote out any Democrat who is trying their best to get this Country back on its feet from the debacle of Bush/Cheney. It doesn't happen overnight, people. Don't let the Repukelican Party tell you any differently.

    April 28, 2010 12:41 pm at 12:41 pm |
  9. Ben in Texas

    Kay's lying. This is about obstruction and protecting Wall Street bankers that control the Repugnant Party. The vote she cast was against DEBATE, during which Repugnants could have offered amendments.

    The GOP doesn't want to participate. They merely want to continue to be the Party of No.

    April 28, 2010 12:41 pm at 12:41 pm |