A raw deal for Republicans on financial regulatory reform

Jon Ward
The Daily Caller

One day after Republicans said they had secured a deal on a financial regulation bill that would allow them to move forward on debating the bill, they denounced the legislation and said it would not accomplish any of their goals for preventing bailouts or making the markets more secure.

“The legislation that we are about to consider will help the likes of Goldman Sachs, but will harm the American people,” said Sen. Richard Shelby, Alabama Republican and ranking member on the Senate Banking Committee.

“It will lead to job losses, lost opportunities for businesses to productively invest in the future, and it will ensure future bailouts,” Shelby said on the Senate floor.

Shelby, who said Wednesday that Banking Committee Chairman Chris Dodd, Connecticut Democrat, had given him assurances that he would make sure the regulatory reform bill ended any chance of bailouts for large financial institutions, said Thursday that the bill still contained the provisions he objected to.

“I appreciate his assurances and take him at his word, but I am concerned that there appear to be no substantive changes in the relevant sections of the bill that would reflect such assurances,” Shelby said of Dodd…

…Another Republican that has been involved in talks over the derivatives portion of the bill for months, Sen. Saxby Chambliss of Georgia, ranking member on the Senate Agriculture Committee, lashed out at the Obama White House for directing his counterpart, Committee Chairman Blanche Lincoln, Arkansas Democrat, to stop negotiating with him.

“I wish we were here today debating a derivatives product that had input from senators on both sides of the aisle and perhaps less input from the administration,” Chambliss said. “I am certain we could have done a much better job had we been allowed to work together in a bipartisan way.”…

The complete article is at The Daily Caller

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