Banking Committee Chair Sen. Chris Dodd (D-CT) has led Democratic efforts to craft a bill to reform the financial regulatory system, which will be taken up by the Senate in coming days. Despite months of bipartisan negotiation and promises of cooperation, Republicans recently threatened to filibuster the bill. A visibly angry Dodd took to the Senate floor today to condemn the GOP’s obstructionism, calling out their “very false talking points” and warning them that they will have to explain to Americans, “I’m sorry but we’re not on your side:”
DODD: A letter from the Minority Leader said we’ve got 41 votes here to stop you from even debating this bill. Well, you explain that to the American taxpayer, to the small business, to the American family, and to others out there who are paying an awful price because the the mess that the very institutions who are today leading the charge against us getting a bill. Explain to them why the status quo is in their interest and their benefit. Mr. President, those who vote to block this bill will be sending a clear message to American families, businesses, community bankers and tax payers and that message will be, I’m sorry but we are not on your side. We are choosing another side of this equation.
Last month, my good friend the Minority Leader and the Republican senator responsible for campaign fundraising participated in meeting in New York with Wall Street executives. … Comes back right afterwards and we get all of a sudden, we get this rhetoric about too big to fail and we can’t possibly go to this bill. Don’t tell me that miraculously, these things happen and all of sudden we find ourselves with 41 senators [opposed to this bill].
A new Gallup poll finds 50 percent of Americans support new rules to regulate Wall Street, while only 36 percent are opposed.