Minority Leader Mitch McConnell (R-KY) indicated his opposition to financial reform legislation in a speech today in the Senate floor. Debate on the bill is expected to begin in the coming weeks.
Here's an excerpt of his remarks, which can be read in full here:
"A lot of smart people have thought about how to prevent a repeat of the kind of financial crisis we saw in the fall of 2008. We've heard plenty of ideas. But if there's one thing Americans agree on when it comes to financial reform, it's this: never again should taxpayers be expected to bail out Wall Street from its own mistakes. We cannot allow endless taxpayer-funded bailouts for big Wall Street banks. And that's why we must not pass the financial reform bill that's about to hit the floor. The fact is, this bill wouldn't solve the problems that led to the financial crisis. It would make them worse.
"The American people have been telling us for nearly two years that any solution must do one thing — it must put an end to taxpayer funded bailouts for Wall Street banks. This bill not only allows for taxpayer-funded bailouts of Wall Street banks; it institutionalizes them.
"The bill gives the Federal Reserve enhanced emergency lending authority that is far too open to abuse. It also gives the Federal Deposit Insurance Corp and the Treasury Department broad authority over troubled financial institutions without requiring them to assume real responsibility for their mistakes. In other words, it gives the government a new backdoor mechanism for propping up failing or failed institutions."