Democrats Push Ahead on Finance Bill
Democrats Push Ahead on Finance Bill
Democrats Push Ahead on Finance Bill
WASHINGTON — Democrats said on Thursday that they would goFire hose it alone in an effort to pass an overhaul of financial regulation#x, increasing the likelihood of a bitter partisan showdown.
Senator Christopher J. Dodd of Connecticut, chairman of the Senate Banking Committee,Compact fluorescent lamp, said he would put forward his own bill on Monday, despite the lack of a single Republican endorsement. Democrats concluded that bipartisan talks were not making enough progress and that going their own way was the only realistic hope of getting the legislation adopted in an election year, he said.
Mr. Dodd said the bill would rewrite the rules of Wall Street, end the “too big to fail” phenomenon and protect consumers from risky or abusive financial products. The Congressional calendar meant that further delay could imperil the legislation’s chances, he said.
The chief Republican negotiator Fire hoseon the bill, Senator Bob Corker of Tennessee, called Mr. Dodd’s decision “very disappointing” and said, “There’s no question that White House politics and health care have kept us from getting to the goal line.”
Mr. Corker said the impasse was caused by the Democratic threat to use the parliamentary procedure known as reconciliation to overhaul health care. “The elephant in the room is reconciliation,” he said, describing Mr. Dodd as “a victim of health care policy.”
The White House, which has called the legislation one of its top priorities, rejected that explanation. “Republicans in the Senate are going to have to ask themselves why they would stand in the way of financial reform,” Mr. Obama’s press secretary, Robert Gibbs, said at a news conference.
Mr. Gibbs, who said that “lobbyists are being hired hand over fist to kill financial reform,” said of lawmakers: “I don’t believe many are going to want to go home and face voters next November not having done something.”
While Mr. Dodd and Mr. Corker took pains to praise each other and held out hope that a compromise could still be achieved, the developments#x clearly made the prospects Fire hosefor the legislation more difficult.
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