April 28th, 2010
04:07 PM ET
13 years ago

McConnell signals end to GOP filibuster of Wall Street reform bill

Washington (CNN) - The Senate's top Republican signaled Wednesday that a GOP filibuster of Wall Street reform legislation will end.

Senate Minority Leader Mitch McConnell, R-Kentucky, released a statement saying closed-door negotiations with Democrats on the financial regulations reform bill had ended with agreement on some issues but others left unresolved.

"Now that those bipartisan negotiations have ended, it is my hope that the majority's avowed interest in improving this legislation on the Senate floor is genuine and the partisan gamesmanship is over," McConnell's statement said.

Unanimous opposition by Senate Republicans this week has prevented approval of three successive motions to begin debate on the bill.

McConnell's statement indicated that Republicans now will allow debate to proceed and attempt to amend the legislation on the Senate floor.

Updated: 4:14 p.m.

Filed under: Financial Reform • GOP • Mitch McConnell • Senate • Wall Street
soundoff (68 Responses)
  1. one voice

    Mitch really needs a drink.

    April 28, 2010 05:07 pm at 5:07 pm |
  2. Mickey, NY

    Lots of big talk coming from McConnell, who, by the way, looks like Jigsaw from those Saw movies...

    GOP: Domestic terrorists

    April 28, 2010 05:07 pm at 5:07 pm |
  3. Future expat

    "And one more question...are they going to bring Fannie Mae and Freddie Mac into the fold? Probably not. Gee, I wonder why!?"

    The Frank Luntz memo from which Mitch McConnell got his "endless bailouts" talking point makes note on page 3 that conservatives tend to see Fannie and Freddie (and low-income homebuyers) as the principal causes of the recession. He then goes on to explain how to best exploit this.

    The memo is freely available to the public. Anyone can do a Google search for "Frank Luntz memo" and see how the GOP is exploiting their base's fears and prejudices for political gain. Unfortunately, I doubt any GOPers will read the memo, since it goes against the narrative to which they desperately cling to.

    April 28, 2010 05:09 pm at 5:09 pm |
  4. Nelson, Colorado Springs Co

    WELL WELL WELL make you think what the ---- is going on

    April 28, 2010 05:09 pm at 5:09 pm |
  5. Terry From West Texas

    The Freddie Mac and Fannie Mae argument is just racism in a mask. The fraudulent argument is that the Liberal-Communist-Lesbian-Socialists somehow compelled the Repuiblican majority Congress to write a law forcing banks to give housing loans to irresponsible welfare-cheating jobless crack hoes and cocaine dealers. This forced those poor bankers, who wanted nothing more than than to remain financially solvent, to make millions of bad loans.

    So, you can see from this that the fault of the Liberal Socialists – as usual. This coded message is being sent to the racists out there who are primed to believe that black people and Liberal are behind all that is evil in the world.

    The truth which can easily be verified is that the Republican majority deregulated banks so that the very wealthy could become very much wealthier. It happened. Banks made bad loans and sold them at a profit. Those bankers made a ton of personal money and they shoved the country into a recession. Not all people suffer equally in a recession. Some people get rich but most people suffer. The bankers got rich and the rest of us suffered.

    When the Great Recession began, everyone on Wall Street said that this was a failure of government regulation. That lousy crowd of Liberal-Socialist-Communists was to blame again. They were supposed to prevent this from happening with strong governmental oversight and regulations – and they failed again. That is why government regulation doesn't work.

    Later, they figured out this ridiculous "Black people did this to us." argument and they liked it better than they did the "failure to regulate" argument, but consistency is not a Conservative habit.

    We were conned by Conservatism again! Those people will destroy this nation before they are done.

    April 28, 2010 05:21 pm at 5:21 pm |
  6. Peter

    Chessnutz of Liverpool NY April 28th, 2010 4:47 pm ET

    If congress was serious about making a statement then they would have filed criminal charges not a civil lawsuit. This should send a message loud and clear to the American voter that neither party has any interest in representing the people. Both the Democrats and Republicans only represent big Business and the wealthy elite.

    Vote Congress out, “you are fired” if they are in. Vote them out this fall no matter what party they belong to, and in the next election and every election going forward until they become the servants of the people once more.

    This November tell Congress "You Are Fired!"

    You Moron so until November dont work for the American people? what the Republicans are asking us to do is vote in the bums who
    are doing nothing to help us? its like hiring a brand new employee who refuses to do his job and just says NO, and says when you give me full-time work status and benefits then im gonna do my JOB???the republicans have proven they dont deserve or congress. Please do yourself a favor and vote for Democrats!!!

    April 28, 2010 05:23 pm at 5:23 pm |
  7. Fed Up!

    I'm still going to remember how the Republicans sided with big money and Wall Street come Election Day in November ... and I won't remember it fondly.

    April 28, 2010 05:24 pm at 5:24 pm |
  8. Lynn

    The Republicans and the Tea Party are a joke for standing up for Wall St!

    April 28, 2010 05:25 pm at 5:25 pm |
  9. Gil

    That is because the republicans were looking like the obstructionists and fools they are! Totally out to ruin Obama at the expense of Americans!

    April 28, 2010 05:27 pm at 5:27 pm |
  10. Marty, FL

    Partisan gamesmanship, McConnell? Wow, hypocrite much? Coming from someone who follows uber-partisan Frank Luntz's talking points (lies).

    April 28, 2010 05:28 pm at 5:28 pm |
  11. Sniffit

    "Phil Gramm and his Republicans pals, who controlled the Congress from 1994 through January 2007, decided to DEREGULATE Wall Street"

    To be fair, since it is also a favorite talking point of the GOPers to blame this on Clinton and the Dems because Glass-Serffgley was repealed while Clinton was in office, it was a mistake made by both parties. The repeal was a very bipartisan vote.

    That being said, it gives a little perspective on it, particularly when you hear Dodd (a favorite target ofthe partisans) say "yeah, that was a mistake, and we've learned from it." The Dems are, yet again, taking empirical evidence and trying to get something productive done. They recognize what a mistake everyone made back then. And as always, the GOPers, are operating in a factual, evidentiary vaccuum, relying solely on how their ideology tells them "this is how the world should work." One must wonder whether they will someday wake up and realize that repeating "it's supposed to work this way" even louder, more often and believing it more fervently in response to reality saying "no, it really isn't" will NOT force reality to eventually cave in to their demands.

    April 28, 2010 05:30 pm at 5:30 pm |
  12. Sniffit

    Wow...that was a nice spelling error on my part...should've been "Glass-Steagall" haha

    April 28, 2010 05:31 pm at 5:31 pm |
  13. mba2004

    Come on McConnell: Back room meetings were bad for the health care legislation, but now they are good for the Wall street regulations? Sounds to me like: When it comes to Wall Street, it is ok to deal under the table; they have money, don't they?

    April 28, 2010 05:34 pm at 5:34 pm |
  14. Sniffit

    How's that Franky Luntzy thing workin' out for ya, GOPers?

    Maybe third time is the charm and they'll stop listening to the moron.

    April 28, 2010 05:35 pm at 5:35 pm |
  15. Pragmatic

    What are the republicans proposing that are so awful that they are unwilling to debate the issues in public – on the Senate floor? Mitch has his marching orders from his meeting with Wall Street: he can't discuss what his masters told him they wanted?

    Why does the GOP want back-room deals? What are they trying to hide?

    April 28, 2010 05:37 pm at 5:37 pm |
  16. Cindy in Ohio

    "partisan gamesmanship is over......... I'll believe that when I see it.

    Unanimous opposition by Senate Republican'ts has prevented approval of THREE successive motions to begin debate on the bill.

    That's so typical of the Republican'ts, they can't even agree to DEBATE the bill let alone pass it.

    April 28, 2010 05:39 pm at 5:39 pm |
  17. Susan

    I hope the Dems hold their ground and don't water down this bill like they did health care. I was appalled at how much they gave away to lobbyists and other special interests. The Dems are famous for giving away the farm.

    April 28, 2010 05:42 pm at 5:42 pm |
  18. Susan

    Republicans know that come election time if they haven't produced any thing other than NO NO NO NO they are going to be in a world of HURT...... they don't want to debate because they don't want to upset WALL STREET ....... they are buddies, but there isn't enough votes on Wall Street to get them elected in November so they are having to eat crow and look like they are doing something that we the American people want them to do....how anyone can support these greedy lying fools is beyond me......

    April 28, 2010 05:42 pm at 5:42 pm |
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