Dodd: ‘Were Close; We’ve Got Some More Work To Do’
Appearing on Meet The Press, Sen. Chris Dodd (D-CT) discussed the latest progress in his work with Sen. Richard Shelby (R-AL) on financial reform: “Well, Richard and I spent a lot of time together over the last year and–working on this bill, and we’re getting there. We’re close; we’ve got some more work to do. We’re going to be meeting, I think, later today, in fact, to talk about it. We’re not there yet, but I would hope that, that we could the votes tomorrow on–when we have this motion to proceed to the bill to start the debate.”
Shelby: ‘Will We Get A Bill By Tomorrow? I Doubt It’
Appearing on Meet The Press, Sen. Richard Shelby (R-AL) said: “I think we’re conceptually very, very close. This is a very complicated piece of legislation, over 1300 pages as the Dodd bill now stands. But we’re–what we’re trying to do is improve two or three things in it. It’s, it’s very, very tedious. We’re going to continue to work today, as Senator Dodd said. I think we’re closer than we’ve ever been. And will we get a bill by tomorrow? I, I doubt it. I would always hope so because there’s so, so much involved. But I think we will get a bill. If the Democrats want a bill and will give us some things that we think that are substantive in nature, like make the ‘too big to fail,’ send a message that nothing is too big to fail in this country and tighten up the language”
McConnell: Senate Will Not Proceed With Financial Reform Bill On Monday
Appearing on Fox News Sunday, Senate Minority Leader Mitch McConnell predicted that the Senate will not proceed with the financial reform bill Monday, in a motion requiring 60 votes. “It’s my expectation that we will not go forward with this partisan bill tomorrow,” McConnell said. “It’s not ready yet. … It is important to pass a good bill.”
Chambliss: Immigration Reform ‘Just Simply Can’t Be Done’ Unless Border Is Sealed
Appearing on State of the Union, Sen. Saxby Chambliss (R-GA) said that the Senate should wait before moving on issues of immigration and energy legislation, and instead work on the budget and appropriations bills. “I’m not sure how you can really justify bringing either one of them up at this point,” said Chambliss, also adding: “Until you seal the border, trying to have an overall package on immigration just simply can’t be done.”
Sherrod Brown: ‘I Think We Need to Do More To Prevent Too Big’
Appearing on This Week, Sen. Sherrod Brown (R-OH) said of the financial reform bill: “It’s well done, written by Senator Corker and Senator Dodd and some others bipartisanly. I think we need to do more to prevent too big, though. Too-big-to-fail is too big, and my amendment that Senator Kaufman from Delaware and I are offering next week or the week after will basically say that we’ll put some limits on the size of these banks.”
Corker: ‘We don’t Need To Address Every Issue In This Compromise’
Appearing on This Week, Sen. Bob Corker (R-TN) said: “And I think what we need to do is have a template. We don’t need to address every issue in this compromise, but one that deals with derivatives, one that deals with consumer protection, and one that deals with this orderly liquidation. If we can get that template agreed to in a bipartisan way, then we can debate some of the amendments that Sherrod Brown wants to bring forth, some of the amendments I want to bring forth. But I think it’s very, very important that we reach that bipartisan agreement first, because in the Senate, as you know, it takes 60 votes to change anything.”
Summers: Financial Reform Bill Could Have Prevented Crisis
Appearing on Face The Nation, White House Economic Council Director Lawrence Summers said the economic crisis could have been avoided if the proposed financial reform bill had been in place in 2007. “We saw innovations – the credit card, innovations in mortgages, innovations in many areas,” said Summers. “But our regulatory system didn’t catch up with all that innovation. Then you had the things that are as old as time: Greed, avarice, irresponsibility, hubris, without any proper regulation system. That’s what led to this crisis, and across the board that’s what this bill addresses.”
Granholm: ‘Fringe Element’ Using Tea Party To Push Into Mainstream
Appearing on State of the Union, Gov. Jennifer Granholm (D-MI) said: “There is a fringe element …that I think uses the Tea Party as a way to push into the mainstream – what are really and have been fringe sentiments.”
