[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/04/28/art.hutchison.0427.cnn.jpg caption="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