Wednesday
Apr212010
Republicans: We're Still Seeking Wall Street Reform Compromise
Wednesday, April 21, 2010 at 4:01PM
By Benny Martinez - University of New Mexico / Talk Radio News Service
Republican Senators told reporters Wednesday that they are getting very close to drafting a bipartisan financial regulatory reform bill, despite receiving a letter from Senate Majority Leader Harry Reid (D-Nev.) announcing that negotiations were over.
Earlier this morning, the Senate Agriculture Committee approved legislation that would increase transparency in the derivatives market.
Sen. Richard Shelby (R-Ala.), who has been in negotiations with Sen. Chris Dodd (D- Conn.), said that the Senate Banking Committee has been meeting tirelessly and is making progress towards drafting a “good bill” that will be embraced by both sides of the aisle.
“I’m optimistic that we’re going to get a bill,” Shelby said. “It’s going to be a good bill. We’re not there yet, but I think we’re closer than ever.”
In an effort to protect taxpayers from another bailout, the Republican Senators agreed that financial reform should include provisions specifically targeting too-big-to-fail firms.
“We don’t represent Wall Street, nobody does,” Shelby said. “I can tell you, Wall Street is not going to be writing this bill.”
Republican Senators told reporters Wednesday that they are getting very close to drafting a bipartisan financial regulatory reform bill, despite receiving a letter from Senate Majority Leader Harry Reid (D-Nev.) announcing that negotiations were over.
Earlier this morning, the Senate Agriculture Committee approved legislation that would increase transparency in the derivatives market.
Sen. Richard Shelby (R-Ala.), who has been in negotiations with Sen. Chris Dodd (D- Conn.), said that the Senate Banking Committee has been meeting tirelessly and is making progress towards drafting a “good bill” that will be embraced by both sides of the aisle.
“I’m optimistic that we’re going to get a bill,” Shelby said. “It’s going to be a good bill. We’re not there yet, but I think we’re closer than ever.”
In an effort to protect taxpayers from another bailout, the Republican Senators agreed that financial reform should include provisions specifically targeting too-big-to-fail firms.
“We don’t represent Wall Street, nobody does,” Shelby said. “I can tell you, Wall Street is not going to be writing this bill.”
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