GOP's Flip-Flops Again on Finance Reform
Can Senate Republicans make up their mind on financial reform? During the past month, Minority Leader Mitch McConnell (R-Ky.) and company have flipped and flopped and flipped again when it comes to writing and passing a bill overhauling how Wall Street, mortgage companies, auto dealers, payday lenders, and many more do business. With the latest stance taken by top Senate GOPers, the party has shown that it's in near-disarray when it comes to financial regulatory reform.
In late April, on three successive occasions, Senate Republicans blocked Democrats' efforts to open a full debate on financial reform on the Senate floor. Eventually, that filibuster broke, which in theory should have allowed the discussion to kick off. But Republicans refused to offer any amendments or participate in the debate until Sens. Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.), the top senators on financial reform, had worked out yet another backroom deal on the bill.
Once the debate began, top Democrats like Majority Leader Harry Reid (D-Nev.) set a Memorial Day deadline for merging the Senate's bill with the House's and delivering the final product to President Obama. At that point, GOPers sought to prolong the Senate debate—Rep. Spencer Bachus (R-Ala.) said any final vote by the Senate should be delayed by 30 days so the public could read the text. McConnell also predicted last week that the amendments process would last at least several more weeks, casting further doubt on Reid's deadline.