McConnell: GOP Will Support Wall Street Reform, Just Not Current Bill

Senate Minority Leader Mitch McConnell (R-Ky.) predicted on Sunday that Democrats and Republicans would reach a bipartisan agreement on financial regulatory reform. But it wouldn't be on the bill set to be considered by the U.S. Senate on Monday, he added.

The Kentucky Republican suggested to Fox News Sunday that he had 41 votes to sustain a filibuster against the bill authored by Senate Banking Committee Chairman Chris Dodd (D-Conn.). "Yeah," he said, when asked by host Chris Wallace whether he would block consideration, "[the bill is] not ready yet."

But in an effort to appear accommodating to the idea of Wall Street reform, McConnell offered optimistic remarks about the possibility of his caucus supporting the final legislative product.

"We don't have a bipartisan compromise yet," he said. "But I think there is a good chance we are going to get it."

"It is my expectation we will not go forward with this partisan bill tomorrow," he added. "That will stimulate the kind of continued discussion we've had to get it right."

McConnell was echoed on Sunday by the ranking member of the Banking Committee, Sen. Richard Shelby (R-Al.), who told "Meet the Press" that while negotiators were "closer than we've ever been," hurdles remained.

"Will we get a bill tomorrow?" Shelby said. "I doubt it." He went on to insist that Democrats "will not get cloture" when they try to break a GOP filibuster.

What would it take to get Republican votes? McConnell offered the usual critiques. He continued to insist, despite having been rebuked by PolitiFact, that the bill contained a "$50 billion bailout fund," and called for it's purging. Shelby, likewise, said he and Dodd were working on language to ensure that taxpayers weren't on the hook when failing banks needed to be wound down.

McConnell also stressed that Republicans wanted "enhanced capital requirements" for banks -- which, if he's referring to leverage requirements, are a component of the bill passed by the House.

"This is not a situation where anybody I know in the Senate wants no bill to pass. But it is important to pass a good bill," McConnell concluded.

Comments

[springsm]

10:39 AM on 05/10/2010

Lawse I am so sick of this lower than life chinless obtuse selfish, greedy pig. Oh ya, he will support a reform if it is his. Another blocking detail.....these less than stellar people have no ideas. They are being children in the sandbox and are so very mean spirited. i would call the obstructionists cowardly traitors.

[DrDemon]

06:42 PM on 04/27/2010

Oh he is such a mess!

[snowingeorgia]

08:59 PM on 04/26/2010

Tis guy is pathetic, and proof positive that the Chinese are going to win. Does anyone not living umnder a boulder for the past ten years really believe that this party is now or has ever been conceerned with financial reform of any kind? Pleeeze?

[Bill Carruth]

05:27 PM on 04/26/2010

When is somebody - ANYBODY! - going to tell McConnell to go reproduce himself? And include
Tan Man Boehner. I owe GWB an apology: I thought he was weird. The Tan Man and McNucklehead McConnell are lightyears ahead of old George. Keep it up, guys and before you know it GOP will be R.I.P.

[ThePhotogsBlog]

04:22 PM on 04/26/2010

Hmmmm,,,,there's a sense of "deja vu" here. Did the Republicans not also say they were in favour of health reform, just "not the current bill?" Been there, done that, bought the T-shirt. We've heard it all before. Change the record already.

[SystemLink]

10:27 PM on 04/25/2010

GOP will not support anything that Obama puts forth....period

All they are doing is slowly trying to get Obama to put more of their things in the bill....and when Obama thinks he has given them enough.....they will want MORE

[iwant2no]

09:11 PM on 04/25/2010

Why is it that most of the Southern members of Congress, seem to be backward in their thinking?
Just saying!!!!!!

[elektra mourns]

08:56 PM on 04/25/2010

the GOP is not so unreasonable but we need meaningful reform and that means giving the big middle finmger to Goldman Sachs..

[jazzybo]

08:55 PM on 04/25/2010

Mitch McConnell has morphed into the biggest embarrassment this country has ever seen.He barely won last election.Lets hope this time he goes the way of the dodo bird.

[Reload]

07:15 PM on 04/25/2010

We need to just slow down, scrap the current bill, start with a bi partisan agreement and move forward. What we do not want is a partisan bill, so every single GOP member will make sure it isn't bi partisan. Then start over, scrap it, go back to committee, whats next immigration? We will need to start over on that also, we repubs don't like democrats being politically motivated to do immigration this year, slow down, scrap the current bill, start over. How can they try immigration, do they know how much it will make repubs look like we don't care for people of color, it will put the GOP in an uncomfortable situation. Slow down wait till January 2011 I think we can have a better bill if we just wait until then.

[Tavon]

05:26 PM on 04/26/2010

I am amazed at the claims of partisan politics going on, when the evidence is that Republicans have opted out.

I have a question....Why is there is a Republican problem with the 50 billion bailout fund? Most people have, or should have, a Rainy Day fund for the unexpected expenses. It doesn't mean we go out and behave foolishly. That, in fact, would defeat the purpose. Maybe I'm making it too simple, but isn't the basic concept for it, similar?

If the predictions are true, and if there is a Republican resurgence in the next election, then we are all going to see them working bi-partisan...right?

[fieldon13]

07:10 PM on 04/25/2010

I am not surprised that the GOP will not back anything that will curb Wall Street, seeing how they are the party that bailed them out last time. I would begin to worry if they DID back anything the Dems submit.

[richnerd]

07:01 PM on 04/25/2010

I can't wait to see what McConnell will look like once his larval stage has ended.

[jimfl]

06:30 PM on 04/25/2010

When will MItch come out of the closet?

[mari2JJ]

06:40 PM on 04/25/2010

Well who cares about that. But he is being really silly to think folks who lost so much savings and investments will rise up and call the Republicans blessed for leaving the situation as it is so they can get bushwhacked again and again. Our family lost loads in the crash and we are all Republicans. He can just stay on this radical course and we will see just how many Republicans get elected next time. Fortunately, there are enough non-biased people shining light on his stubborn behavior and his silly, dangerous point of view that Republican will suffer greatly in the next election cycle. If he is so delusional that he thinks Republicans want a repeat of the GW meltdown, he is delusional!

[jimfl]

06:48 PM on 04/25/2010

I agree and I hope enough Republicans agree with you. It kills me but I have to fan you.

[01202009]

06:23 PM on 04/25/2010

We will need to make Mitch McConnell a lightning rod come the voting and one way to do that is to expose all of his portfolio to the light of day and ask how he was able to double his investments. Where did he get all of his money? What is the average income in his state? Enquiring minds want to know.

[raquetman]

08:27 AM on 04/28/2010

This is the bottom line here......They will NOT support ANYTHING the Dems and Obama does. Period. Get use to it....it is here to stay.

[T Pile]

06:20 PM on 04/25/2010

"See, the problem with this bill," he went on to say, "is it was written by Democrats, and it's going to be signed by a Democrat if it passes, and you see, I don't like that; if Mr. Hussein Obama would like to consider resigning or perhaps changing parties, I imagine we can get something done here."