GOP Drafting Rival Financial Reform Bill

Senate Republicans are hoping that, when it comes to their Democratic opponents, if they can’t beat ’em, they can at least make up their own financial reform bill to thwart ’em. One pesky problem with the GOP’s approach is, however, that it runs the risk of appearing to align with the interests of big banks. —KA

The New York Times:

Republicans, including Senator Richard C. Shelby of Alabama, have said they would use the procedural vote to block the start of debate on the Democrats’ bill unless the Democrats agree to make substantial changes in it. But in a political climate of public impatience and anger at Wall Street, it was not clear how long the Republicans could hold ranks in delaying the bill.

The development of a Republican alternative suggests that party leaders are determined to draw contrasts between their preferred approach to policing Wall Street and that of the Democrats. The Republicans also seemed set on combating assertions that they are siding with banks and big financial companies in opposing the Democrats’ regulatory bill.

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AP / Henny Ray Abrams

Does the GOP support Wall Street business as usual? We’ll find out.