July 13th, 2010
01:35 PM ET
13 years ago

Dems target Republicans against Wall Street reform

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/07/13/art.wheredotheystand.dscc.jpg caption ="A new Democratic Senatorial Campaign Committee website aims to put Republicans in races across the country on the hook for not backing Wall Street reform legislation."](CNN) - As the Wall Street reform bill appears to be on the verge of passing with little GOP support, Democrats are aiming to put Republicans in races across the country on the hook for not backing the measure.

With many national polls indicating that a majority of Americans support increased regulation of Wall Street practices, the Democratic Senatorial Campaign Committee is seizing on the opportunity to flag Republicans in the midst of Senate bids who have either come out against the bill or have hesitated supporting it.

Declaring that "these Republicans show zero hesitation to put their political interests first," the DSCC is launching a new interactive web page aiming to inform voters in target races that the GOP candidate voted no when it came to changing the way Wall Street works.

"Republicans presided over Washington for eight years and refused to police the big banks," said DSCC Director Eric Schultz. "And today we know if elected, these Republicans would do even more to protect Wall Street, all at the expense of the average family.

Two Republican senators announced their support for the Wall Street reform bill Monday, placing Senate Democrats days away from winning the final vote to passing the most sweeping set of changes to the financial system in decades.

"It is a better bill than it was when this whole process started," Sen. Scott Brown, R-Mass., said in a statement. "While it isn't perfect, I expect to support the bill when it comes up for a vote."

Sen. Olympia Snowe, R-Maine, told democrats that she would vote for the bill, two sources told CNN Monday.

Many Republicans have objected to some of the bill's major provisions, particularly parts that establish a new consumer agency and create new rules for derivative trading, arguing that the legislation is too heavy-handed in these areas.

Filed under: DSCC
soundoff (24 Responses)
  1. Wisconsinite - the GObP Loves Big Oil, But Hates Suffering Americans

    Good! There's a NYT interview coming out (I think today) with Paulson . . .a Republican .. . . in which even he says that if THIS bill had been in place in 2008 he believes the financial crisis would not have happened! And yet the GObP continues to have the gall to keep saying "NO"! I hope the Dems crucify them in November!

    July 13, 2010 01:46 pm at 1:46 pm |
  2. LL

    Calling this bill reform is simply not accurate. This is a sham of a bill run by the flim flam congress we elected. Both parties are lost on this one and so the scam continues unabated.

    July 13, 2010 01:47 pm at 1:47 pm |
  3. Hammerer

    How long will it take for America to recover from the mess that the Dems and obama has made. Ever?
    They has really out performed the Bush bunch in the mess making area.

    July 13, 2010 01:49 pm at 1:49 pm |
  4. Anne P CA

    Good, we need to have this more visible so we can see who's for middle America vs. Wall Street.

    July 13, 2010 01:50 pm at 1:50 pm |
  5. Jim Brodie

    Good move, Dems. Finally taking advantage of one of the many golden opportunities out there being offered to you by the GOPers. About time!

    July 13, 2010 01:52 pm at 1:52 pm |
  6. Eric

    Yeah, what's wrong with you Republicans?

    Don't you know we have to "pass it so we can learn what's in it?"

    I'm surrounded by economic illiterates, 535 of which are sitting in the halls of Congress.

    I would say, "Someone, please, just f**king shoot me now and get it over with, " but I'm certain the liberals are working on a way to tax me even AFTER I'm in the pine box.

    The DemoCommunists are in for a tremendous beatdown this November... better stock up on water and some comfy shoes, because you're about to be sent packing on a 40-year walkabout, wandering the political wilderness.

    No socialism.

    July 13, 2010 01:54 pm at 1:54 pm |
  7. Anonymous

    The republicans don't want reform because their first attempts to ruin America, by deregulating Big Oil, Big Business and Wall Street came close, but failed. They want to try harder to try to discredit Obama. The GOP are the real terrorists we have to fear come November!!

    July 13, 2010 01:56 pm at 1:56 pm |
  8. Rick McDaniel

    The GOP is pro business, they will never support government controls on business. While that is a shortcoming for them, the crazy spending by Democrats is a major shortcoming as well.

    Neither party is anywhere near perfect, and currently, neither party has good leadership.

    Still, I would favor "change" for November and for 2012, to get this country back on track, as we are seriously derailed, at the moment.

    July 13, 2010 02:13 pm at 2:13 pm |
  9. Dale

    Poor companies don't hire people. Just another liberal attempt at power. Never worked throughout history.

    July 13, 2010 02:17 pm at 2:17 pm |
  10. blah, blah, blah

    too many nice words, no follow through

    July 13, 2010 02:18 pm at 2:18 pm |
  11. David in Houston

    If the shoe fits...

    July 13, 2010 02:21 pm at 2:21 pm |
  12. katiec

    The politicians who tried to destroy, voted against finance reform should be in the headlines daily as is just further proof of their undying love, support for Wall St over the survival of us and our country.
    They are a disgrace to our political system and our country.

    July 13, 2010 02:23 pm at 2:23 pm |
  13. Rob

    Whether people support this bill or not, I think most of us agree that Wall Street needs an ethics shake-up. There definitely needs to be a shift in the corporate culture in this country. I am all for more transparency. 2 + 2 does not = whatever you want it to be. And I certainly do not agree with upper management of some of these corporations paying out huge bonuses to itself "as a way of keeping our most talented people" when the company is failing. If they're so "talented", why is the company failing? Think about it.

    July 13, 2010 02:24 pm at 2:24 pm |
  14. Michael

    Well, what can you say about poeple who were elected to serve the public, but instead are trying to screw the public so that a few mega-rich investors don't have to watch their dividends take a half-point hit in the Wall St. Journal?

    July 13, 2010 02:27 pm at 2:27 pm |
  15. Steve (the real one)

    these Republicans show zero hesitation to put their political interests first
    There is a pychological term for this statement.....projectionism! All tha means is that statement applies to the dems as well. It is just easier to to blame someone else for a fault they have!

    July 13, 2010 02:37 pm at 2:37 pm |
  16. Dennis

    I believe the Republican party completely underestimated the anger of the American people over the collapse of the financial system and the HUGE BONUSES that WALL STREET continues to give themselves. Wall Street NEEDS to be reformed and voters will remember who voted against it. Unfortunately, Republican only will listen to their banking and hedge fund friends when it comes time to vote on Finreg.

    July 13, 2010 02:39 pm at 2:39 pm |
  17. Keith in Austin

    Democrats(including our Comrade in Chief Bozo received more campaign funding from Wall St. than the GOP. I am so sick of hypocritical liberals! Send them out to pasture in November America!!!

    July 13, 2010 02:39 pm at 2:39 pm |
  18. Annie, Atlanta

    We need campaign finance reform before the Republicans give what little is left to the corporations. People on this Ticker talk time and again about socialism, and people on the public dole. Do they not know that the biggest welfare output is to corporations who are making billions, and not paying taxes? Who ship jobs overseas, and are getting breaks and subsidies from our government? What do you call subsidies to big oil? That's ok with you people?

    So someone's paltry welfare check or unemployment check gets the blood boiling, but GE not paying taxes doesn't? John Kyle wanting to extend tax breaks for the rich (which isn't funded) while filibustering unemployment because it's not funded is ok with you folks? Seriously? Haven't we been "trickled" on enough? We've just experienced the largest transfer of wealth from poor to rich in 80 years, we haven't got much left to give, but that's ok with some folks? Good grief!

    July 13, 2010 02:44 pm at 2:44 pm |
  19. Nick

    Surprise surprise, Republicans are once again backing billionaire bank frauds. That'll make for a good campaign contribution come election day.

    July 13, 2010 02:44 pm at 2:44 pm |
  20. Naqib

    More gov.. More, More, More...

    We need More...

    July 13, 2010 02:44 pm at 2:44 pm |
  21. Anonymous

    A financial bill exempting Fannie & Freddie while adding redundant diversity czars, and other pork amendments is reform in name only. The cost of increases in government fees, taxes and bureaucracy will be passed through to the users. The Republicans will be glad to have the Dems focus on this one. The financial system wasn't broken, government oversight and enforcement of existing laws and regulations was not done.

    July 13, 2010 02:47 pm at 2:47 pm |
  22. Dennis

    Republicans feel that the regulation of deriviatives is too heavy handed? Deriviatives that caused the great stock market crash and caused me to have to bail out Wall Street? I am still getting nearly Zero on my savings because we have to offer the banks zero interest on Fed funds so they can make money by simply investing in Treasury's. They AVERAGE AMERICAN did not cause this crash but REPUBLICANS continue to want and penalize us while they protect their rich buddies. We are not that stupid.

    July 13, 2010 02:57 pm at 2:57 pm |
  23. Mikey

    The GOP is against laws to prevent another financial collapse. Several GOP lawmakers and candidates are defending BP. The GOP is against any effective clean energy program. The GOP engaged in a dishonest smear campaign against healthcare reform. The GOP is blocking unemployment benefit extensions.

    The GOP controlled the White House and both houses of Congress for six years and the result was no energy policy, degradation of consumer, health, safety protections, spiraling debt, flat-lining wages, two wars, and economic collapse.

    Why do people want to put them back in power?????????

    July 13, 2010 03:06 pm at 3:06 pm |
  24. Ron

    I fully support ALL Republicans that have stated that more government control is NOT the answer to ALL problems. This reform was handled in the same manner as Health Care where the Democrats through a bunch of junk in the bill and not let us read it. Do you know that in the bill is the ability for government to control the salaries of public companies!?!? Are you crazy!!

    Don't worry you smart Republican Senators!! Only a fool would support MORE GOVERNMENT CONTROL!! Stand firm and we will get this bunch of economy killing Democrats out of D.C. in November!! Remember, Democrats have controlled Congress since 2006 and you see what a mess they have made since then!! WE WILL GET RID OF THESE CONSTITUTION HATING GOVERNMENT CONTROLLING IDIOTS OUT OF OFFICE IN NOVEMBER AND CAN START REALLY CORRECTING THE MISTAKES DEMOCRATS HAVE MADE IN THE LAST 4 YEARS!!

    July 13, 2010 03:06 pm at 3:06 pm |