Senate Republicans are calling Democrats’ bluff on the promise of transparent Wall Street reform negotiations. In a letter delivered tonight to Sen. Chris Dodd (D-CT) and Rep. Barney Frank (D-MA)–the financial reform point men in the House and Senate–the GOP’s top negotiators demand that the conference committee process be opened further than Frank is willing to allow.
“The conference’s work is too important for it to be bound by artificial deadlines,” the letter reads. “The only reason for rushing the conference would be to hide from the American people poorly conceived legislation or legislation designed to help a particular special interest. Accordingly, members should have ample time to consider and offer amendments to any proposal before it is voted on by the conference. All members also should have an opportunity to be heard on every issue the conference considers.”
But Frank’s already said no to that request. In a brief interview with me today he shot down the idea, supported not just by Senate Republicans but by leading advocates and experts, that any proposed changes to the reform bills be subject to public scrutiny.
Frank’s refusal may in the end give Republicans an opening to claim that Democrats are unwilling to bring the influence of Wall Street lobbyists out of the shadows. The letter is signed by Sen. Richard Shelby (R-AL)–the GOP point man on financial reform–and Sens. Saxby Chambliss (R-GA), Mike Crapo (R-ID), Bob Corker (R-TN) and Judd Gregg (R-NH). You can it in its entirety here.
