Wednesday, November 18, 2009

Top Republican senator slams Dodd's regulation bill

UPDATE 1-Top Republican senator slams Dodd's regulation bill; Reuters

U.S. Senate Republican Leader Mitch McConnell said on Tuesday that a Democratic bill to revamp regulation of the financial industry must be revised to win support from his side of the political aisle.

"It's a long way from being ready to go forward on any bipartisan basis," McConnell told reporters after Senate Republicans were briefed on the massive measure drafted by Senate Banking Committee Chairman Christopher Dodd.

McConnell denounced the Dodd bill, saying like pending healthcare legislation, it is another proposal that "seeks to re-work a major part of our country." ...

Dodd last week unveiled a bill that would create a super-cop to police banks and new agencies to oversee systemic risk agency and financial consumer protection. It also raises the stakes in a struggle to prevent a repeat of the capital market crisis that last year pushed the global financial system to the brink of disaster.

Citing public opinion polls, McConnell said: "The public is saying to all of us: 'Quit passing 1,000-page bills (and) concentrate on trying to improve the economy.'"

Comment: Super cops to police the banks; what about super cops to police Congress...oh yeah that's suppose to be the states.

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