May 8th, 2010
11:34 AM ET
12 years ago

Shelby on Wall Street reform: 'We need to get this right'

Washington (CNN) - In this week's Republican address, Sen. Richard Shelby of Alabama pans the Wall Street reform legislation currently being debated in the Senate, saying it does nothing to fix the root cause of the recent financial meltdown.

"[R]eform should address the causes of the financial crisis, promote economic growth, and end bailouts for good," Shelby said in video released Saturday. "The legislation that the Democrats proposed failed each of these tests."

Twin mortgage buyers Fannie Mae and Freddie Mac are singled out by Shelby, the ranking Republican on the Senate Banking Committee, as two institutions that need significant reform.

"For years, Democrats blocked meaningful reform of Fannie and Freddie, and not much has changed. Their legislation to reform the financial system touches nearly every corner of the economy, but these major contributors to the crisis are left unscathed," Shelby said.

Filed under: GOP • GOP weekly address • Richard Shelby • Wall Street
soundoff (31 Responses)
  1. Ancient Texan

    Since Freddie/ Fannie, Chris Dodd, Barney Franks and Franklin Raines was what caused this disaster in the first place, it is totally insane not to take care of this debacle at the same time. More government and less common sense solutions. UNREAL

    May 8, 2010 02:37 pm at 2:37 pm |
  2. They call me "tater salad"

    "We need to get this right".........What this Republican hack is really saying is........"We need to stall this out for as long as we can so we won't get our a$$es handed to us, any worse than we're already going to come November"!!......Pretty much a no-brainer at this point!!!

    May 8, 2010 02:58 pm at 2:58 pm |
  3. jilli

    GOP speak translation...

    "We need to get this right" = Protect the interests of Wall Street

    May 8, 2010 03:05 pm at 3:05 pm |
  4. Angie in Denver

    Dean, it is hard to fix a sinking ship when you work with folks like the GOPers who keep poking holes in the vessle.

    Republicans are more concern with winning the next election and could care less about doing anything of substance for the American people.

    May 8, 2010 03:06 pm at 3:06 pm |
  5. Jim

    I don't trust it when I a Republican say "We've got to get this right, let's slow down." It always means "Let's not change anything." They've had a year and a half to work on this bill, they offered no amendments in committee and now they are being critical of the Democrats' bill. And now they want to negotiate? What a bunch of liars.

    May 8, 2010 03:22 pm at 3:22 pm |
  6. SensibleDem2

    Hey,shelby,you have the cart before the and the rest of you repugs&tea-mobs,caused the finanial crisis.No,democrats block anything,remember,you,bush,&cheney&the rest of you,mad,dog,mad,things moredly screw everything up.

    May 8, 2010 03:29 pm at 3:29 pm |
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