May 8th, 2010
11:34 AM ET
11 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. Dean

    Just as with health care reform, Obama and the democrats are just getting more lifeboats ready instead of actually fixing the sinking ship.

    May 8, 2010 11:46 am at 11:46 am |
  2. Former Republican, now an Independent

    Senator Shelby is a major part of the problem in Washington. He has run his mouth since the election and not one credible idea or solution has come out of him. He is one of the the leaders of the extremist southern republican coalition of senators that has voted no on every piece of legislation that could move this country forward. Alabama, Tennessee, South Carolina and Georgia have the laziest and worst senators in Washington today.

    May 8, 2010 11:54 am at 11:54 am |
  3. bennie new york

    "And by get this right, I mean allow my friends on Wall Street who pay for my reelection to continue being greedy pigs and not regulate them."

    May 8, 2010 11:57 am at 11:57 am |
  4. An 8 year old elephant dung heap does not turn into compost in just 18 months!

    Just like the neo-cons want to tax banks AFTER they fail? Hello, that is what just happened?

    If the banking system comes to a total meltdown as it so nearly did in 2009, who will be left to tax, other than the taxpayers?

    Go back to the Dem plan to collect the 50 Billion while the big banks are making money and so there will be cash ON HAND to handle the crisis with out having to resort to taxpayer bailouts.

    Only a republican dim bulb would think taxing banks AFTER failure is a "brilliant" idea!

    May 8, 2010 12:02 pm at 12:02 pm |
  5. Patty Patriot

    If you can't correct fannie and freddie – forget this entire bill – just another piece of useless legislation.

    May 8, 2010 12:14 pm at 12:14 pm |
  6. Chuck

    Again and again, the Republican obstructionists are again at work to discredit the Democrats and the Obama administration who, both, are trying to fix the abominable mess of the Cheney/Bush administration.

    When will the Republicans start working for solutions and join the Democrats towards making this a better economic environment for all of us.

    May 8, 2010 12:18 pm at 12:18 pm |
  7. Ken in NC

    If Democrats want to get Wall Street Reform right they need to listen to Republicans. Let Republicans tell them how they want it structured and it will be something they could vote for. They need to also understand that any reform must make the President look like a failure. It must also be a reform that benefits Wall Street in such a way they can play Heads, they win and Tails we loose. That way they can always get their big bonuses and Republicans can continue to draw their Wall Street paychecks along with their Part Time pay as Wall Street Senators. OOoops I ment US Senators.

    May 8, 2010 12:22 pm at 12:22 pm |

    So why should there be no consumer protection in this reform bill? Why do the Republican's only care about the interest of the corporations and rich in this. They forget that most peoples pensions are invested in the stock market but apparently they could care less. Just don't tax the banks or tax capital gains and regulate anyone. Let's give the top 1% another 1.2 trillion dollar tax break with no way of paying for it. Anyone that thinks Republican's are financial conservatives need to take economics 101.

    May 8, 2010 12:27 pm at 12:27 pm |
  9. Marty, FL

    Just as with health care reform, Republicans are once again resorting to Frank Luntz's talking points – lies. Finance reform will put proper regulations and oversight in place to help avoid bailouts and economic crisis while protecting consumers.

    Reforms Now for America!

    May 8, 2010 12:29 pm at 12:29 pm |
  10. ib

    Democrats are touching Fannie & Freddie due to their own causing the problems and then covering them up. Pelosi will never agree to putting the finger on another democrat thus the continued cover ups.

    May 8, 2010 12:31 pm at 12:31 pm |
  11. Save America, impeach the treasonous republicans

    For 50 years we had it right. Then the GOP stepped in and eliminated regulations. Now the lying GOP wants us to wait another 50 years to regulate the slime that caused the latest financial meltdown.

    May 8, 2010 12:35 pm at 12:35 pm |
  12. Chuck

    Shelby is one of the many former southern Democrats who changed parties after the passage of the Civil Rights Act. That classifies as a bigot and a racist who will remain that way until the good Lord decides to end his misery. Be mindful that Shelby is holding back on the President's many nominees and cannot provide a reason why he is doing so. The reason is made explicit in the second sentence of this paragraph.

    May 8, 2010 12:38 pm at 12:38 pm |
  13. Gil

    To get this right you need to stop standing outside the door, that is open, and yelling! Turn the handle and stop saying NO, NO, NO. You guys from the Party of NO have done nothing for the past year and a half! Stop stalling again and get it passed rather than leave the monster of no regulations in place that you created and caused the mess in the first place. The Party of No has got to go! Sign a Loyalty Oath to vote for legislation that helps the people and not the people who pay you under the table and buy your votes as banking and investing lobbyists!!

    May 8, 2010 12:46 pm at 12:46 pm |
  14. Jacq

    Shelby is a crook and a modern day George Wallace,he does what's best for the highest bidder

    May 8, 2010 12:47 pm at 12:47 pm |
  15. Darth Cheney

    Blah blah blah, Dean. Like Republicans have fixed anything since Eisenhower.

    May 8, 2010 12:49 pm at 12:49 pm |
  16. Henry Miller, Libertarian, Cary, NC

    Fannie Mae and Freddie Mac are basically glorified welfare agencies that specialise in loaning people money a high percentage will never be able to pay back, and then sticking the American taxpayer with the costs of the default.

    And "too big to fail" and bailouts are intensely socialistic, basically making big companies dependant on, if not owned by, government. They really are forms of "corporate welfare."

    May 8, 2010 12:57 pm at 12:57 pm |
  17. Anonymous

    Shelby get off your political stall tactics for your wall street buddies who are in your office day and night telling you what to put into the bill. We the american people are watching you and we have a long memory. Don,t try and water the bill down to benefit your contributors so they can continue to rape blind.

    May 8, 2010 12:58 pm at 12:58 pm |
  18. Steve

    Deny, delay, distract.... Typical Republican b.s. It's not perfect ('cause "perfection" can only come from "us") so it not worthwhile. WRONG! Steps in this direction are needed and appreciated. We should not make pursuing a "perfect" bill the enemy of enacting a good or decent bill.

    This American, frankly, is tired of hearing about such false choices from the other side, who's only mission seems to be regaining power. Shame on them. Just for a change, they should try doing something for the COUNTRY, rather than just their ego.

    May 8, 2010 01:20 pm at 1:20 pm |
  19. amlcpamaine

    These people are pathetic. They pander to the bankers and call in the media to listen to their righteous babble. It's ALWAYS someone else's fault in their eyes. Well, wake up. ANY regulation is better than what we have since these people destroyed our economy on behalf of the rich.

    May 8, 2010 01:23 pm at 1:23 pm |
  20. guy from NM

    Which for him and the politicos means : do not rock the boat, lest they stop funding us. The thing is already so watered down from the Dem and Rep intervention, we will be screwed again

    May 8, 2010 01:28 pm at 1:28 pm |
  21. Gerry NH

    Congress will add more oversight on wall street. Make new rules and regulations and we will in the long run pay more taxes for what congress does.

    May 8, 2010 01:37 pm at 1:37 pm |
  22. ronalde

    just like heathcare reform,the repubs are stalling again trying to waterdown the bill,when are the dems going to wake up and figure uot that the repugs are not going contribute anything meanifull.go on without them.

    May 8, 2010 01:37 pm at 1:37 pm |
  23. Pam, Eugene, OR

    We would be happy to hear your plan on reform. Oh, I forgot, you don't have one. NO plans, NO solutions, NO ideas just NO to anything that would help the American people.
    We are sick of it and will boot you all out!
    Then you can see what it feels like to not be able to feed your family or pay your mortgage. You won't have to worry about the high price of fuel because you will have to sell your car to pay you energy bill. Good luck with all that Senator.

    May 8, 2010 01:42 pm at 1:42 pm |
  24. raingirl2

    senators why not fix the immigration problem first and that does not include any form of registration or amnesty of any kind then look at what we have left to deal with you people should be honorable stop stealing lying and treating us like your own personal atms we are not stupid you just think that we are grow some spine and back bone stop pandering to the big companies the illegal amnesty advocates and you own selfishness take a look at what is happening in Greece and you will see yourselves in the near future if you don't get this right the reason we have laws is to control issues that would otherwise reduce us to chaos well we are in a chaotic state right now with millions of illegal living in this country that ARE NOT HIDING in the shadows they are robbing us blind in broad daylight. and our government is acting as the lookout for them to commit crimes against the taxpaying citizens both parties should be afraid because we intend for all of you to lose your jobs.

    May 8, 2010 01:44 pm at 1:44 pm |
  25. Rick Of PA

    It is in the interest of our entire nation that we (both our Republican and Democratic representatives) get this right. We need strong financial reform and we need it now! They also need to breakup the Big Four Banks to protect us in the future so that "too big to fail" does not happen again!

    May 8, 2010 02:25 pm at 2:25 pm |
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