Senators Likely To Pass Wall Street Bill
RENEE MONTAGNE, Host:
But as NPR's Audie Cornish reports, agreement has been hard to come by in this debate.
AUDIE CORNISH: Twenty-two months ago, the government's financial overseers came to Congress on bended knee asking for $700 billion to save the financial system.
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HENRY PAULSON: It pains me. It pains me tremendously to have the American taxpayer be put in this position.
CORNISH: Senate Minority Leader Mitch McConnell.
MITCH MCCONNELL: Now, more than ever, is the time to rise above the politics and to work together.
CORNISH: Almost two years later, there is a bill, one that, among other things, would expand the powers of the banking regulators so they could do a better job dealing with potential problems without inducing panic. But little was achieved in the way of bipartisanship.
MCCONNELL: I think what happened on financial regulation is the bill stayed on the far left, and therefore, was not, in the end, appealing to most of my members.
CORNISH: Three Republicans pledged support for the measure - just a few more than zero, the number who supported the contentious health care bill earlier this year. But with public outcry against Wall Street, Senate sponsor Chris Dodd thought this bill wouldn't face the same hurdles.
CHRIS DODD: If the procedural roadblocks are no different than the legislation that was conducted without any of the civility, with any amount of the cooperation and inclusiveness of this, than why? What's the lesson of the next major bill?
CORNISH: Audie Cornish, NPR News, the Capitol.
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