April 19th, 2010
07:05 AM ET
13 years ago

Wall Street reform: Senate is ready

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/04/19/art.capitolbldg6.gi.jpg caption ="Senate Democrats plan to start debating the Wall Street reform bill this week."]Washington (CNNMoney.com) - With a weekend push from President Obama and the 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.

The president made reform the centerpiece of his weekly radio address to the nation.

"The consequences of this failure of responsibility - from Wall Street to Washington - are all around us: 8 million jobs lost, trillions in savings erased, countless dreams diminished or denied, " Obama said. "I believe we have to do everything we can to ensure that no crisis like this ever happens again."

Wall Street reform got additional impetus Friday when the Securities and Exchange Commission charged Goldman with defrauding investors on mortgage-backed securities.

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-Kentucky.

Full story

Filed under: CNNMoney.com • Financial Reform • SEC • Senate • Wall Street
soundoff (11 Responses)
  1. Dutch/Bad Newz, VA

    Republicans are playing politics with this as they did with healthcare. If they don't like the legislation as it is, they need to offer their alternatives just as Sen. Warner suggested. Stop talking about and start being about it Party of No.

    April 19, 2010 08:27 am at 8:27 am |
  2. Gil

    Of course the republicans will oppose the Bill, that is all they do is oppose! They went to a meeting dealing with Financial Reform, got a lot of their ideas included for change, and then left saying , "We will oppose the Bill!" That is all they are good for is NO, NO, NO! Then again they don't care if the old policy of gw, that got us into the financial mess, stays in place. They have no interest in the American people, but only to say no and try to scuttle anything and everything that Obama proposes! I think republicans and people like Mitch need to be the first to be swept out of office in November!

    April 19, 2010 08:34 am at 8:34 am |
  3. pc

    this is great news! now all of america can see who's side the republicans are on. the good old GOP 's colors are now beginning to show here and since the cat is out of the bag it will be very hard for the greedy repubs to explain why they are on the side of wallstreet and not on the side of the american public. old mitch should have cancelled his meeting with the fat cats begging for donations cause it sure looks like a rat in a bag to me! god bless our president for standing up for main street!!!!

    April 19, 2010 08:40 am at 8:40 am |
  4. Mark

    Obama is CLUELESS!
    Now, he wants to ruin our financial markets. Isn't this the only sector that is doing well and making our 401k's and retirement accounts look half-way decent???

    Wishing November would come faster. So we can get these radical, liberals out of office before they do permanent damage.

    April 19, 2010 09:00 am at 9:00 am |
  5. Josh

    Democrats please get this debate started so the American people can see for themselves who these idiots are who want to leave us on the hook to bail out these greedy wall street thugs. They think that we will for get all about their behaviour by November, but they must understand that we are keeping a record of those who want to help the American people and those who want to just get back in power and don't give a dam about the citizens who sent them to washing-ton to help solve these serious economic problems that we are having in this country. I count Dems 7 and Re pugs 0 because they refuse to work with the Dem's. Come November I'm going to say "NO" to them. I will bring a lot of my friends with to express their opinion as well.

    April 19, 2010 09:02 am at 9:02 am |
  6. Republicans Morons of the World

    The Democrats are ready to do something constructive but the Repugnants are ready to do NOTHING EXCEPT whine and cry like they have been told to do by Wall Street interests to stall this measure and see it does not get passed. The Party of NO is out to make sure their bosses get taken care of before the average American citizen who they hold in high contempt because after all they are just the have-nots, not really the Republican interests they kiss up to.

    April 19, 2010 09:03 am at 9:03 am |
  7. terry,va.

    Isn't the timing interesting that the Securities and Exchange Commission (government) charged Goldman with defrauding investors after Obummie and the Senate (government) started planning financial reform a few weeks ago. More government take over. The government is trying to take over every function of our life under Obummie. For all you people wanting change you getting it. Welcome to the Socialist States of Obummie.

    April 19, 2010 09:08 am at 9:08 am |
  8. desertique

    The republicans are united in being pompous whiny sore losers and that's all.

    April 19, 2010 09:11 am at 9:11 am |
  9. Fed Up!

    So the GOP stance is to support bankers over voters?

    Remember that in November, folks.

    April 19, 2010 09:15 am at 9:15 am |
  10. Everyone's Child

    I have officially voted for my last Republican. The antics of Wall Street Banking and Beyond almost drove our nation over the cliff into a depression, with the ASSISTANCE of a Republican administration. What must these Republican Senators be thinking? Hmmmm.....

    1. Chauffer driven Town Car, check.
    2. Six figure salary, check.
    3. Healthcare for life, check.
    4. Subvert the President of the United States, check.
    5. Tons of campaign cash from Wall Street, check.
    6. Gullible, uninformed voters, check.

    Not much else for Republican Senators to think about since they have NO PLANS OF THEIR OWN.

    April 19, 2010 09:16 am at 9:16 am |
  11. Dominican mama 4 Obama

    McConnell et al are still trying toget their story straight vis-a-vis their meeting with Wall Street bigwigs. I don't even know if it is an {R} thing versus a {D} thing. It is more like a GREED thing.

    Look, do you want to put regulations into place that would prevent or at the very least miniimize the possibility of another apocalyptic economic meltdown or not? Pretty simple. Do you want to protect Americans against losing their tighty-whities along with their 401ks or not? Or are you stalling until you can come up with a way to participate in this bipartisan effort that would be so watered-down in regards to protecting Main Street, so as to keep Wall Street from withdrawing your pocket funds? Whose side are you on? Gotta pick, gotta choose, and fast the President is outing everybody!

    April 19, 2010 09:29 am at 9:29 am |