Senate Banking Committee Chairman Christopher Dodd (D-CT) has made two impassioned, and at times angry, speeches on the chamber's floor in as many days disputing speeches earlier in the week by Senate Republican Leader Mitch McConnell. The minority leader's speeches contained two major objections to Dodd's financial reform: it is a partisan bill and it will impose costs on taxpayers to provide more bailouts. Dodd vehemently disagrees on both points.
Is It Partisan?
In his speech yesterday, Dodd reiterated his bipartisan approach. He explained the process used in the Banking Committee where he divided up the work into bipartisan groups of Senators to tackle. Ultimately, the strategy broke down due to disagreements and delays that frustrated Dodd. So he decided to move ahead without a true compromise. But he did leave in some of the Republican-driven components.
So to call the bill a purely partisan effort is not accurate. Currently, the bill does not have bipartisan support, but Democrats did not draft the bill behind closed doors and tell Republicans they had no say. While Dodd did not necessarily take all of their ideas into account, he did include some of them. Even now, sources indicate that Dodd continues to work with Republicans in an effort to achieve a bipartisan compromise.