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Once critical of financial regulation bill, Republicans change their tone
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| Contributor | RP |
| Last Edited | RP Apr 21, 2010 12:04pm |
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| Category | Proposed Legislation |
| Author | Brady Dennis and Shailagh Murray |
| Media | Newspaper - Washington Post |
| News Date | Wednesday, April 21, 2010 06:00:00 PM UTC0:0 |
| Description | Key Senate Republicans on Tuesday began to back away from their sharp criticism of proposed new financial regulations and expressed optimism that a bipartisan deal on a bill that would drastically change the way Wall Street operates could emerge in the coming days.
After a week of attacking the proposals as paving the way for new taxpayer "bailouts," Minority Leader Mitch McConnell (R-Ky.) said on the Senate floor that he was "heartened to hear that bipartisan talks have resumed in earnest." Later, after a meeting with fellow Republicans, he told reporters that while he believes that there are still serious flaws in the legislation, "I'm convinced now there is a new element of seriousness attached to this, rather than just trying to score political points. . . . I think that's a good sign."
The change in tone came as the Security and Exchange Commission's lawsuit against Goldman Sachs for allegedly defrauding investors continued to dominate headlines, underscoring public anger at Wall Street and reminding lawmakers of the potential consequences of inaction.
Democrats have been unwilling to alter the legislation without a guarantee that it would bring Republican votes. |
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