Cloture Vote A Victory For Hard-Working Americans Averse To More Wall Street Bailouts

I issued the following statement yesterday regarding the cloture vote on Sen. Dodd’s financial regulatory reform bill (S. 3217). Republicans defeated the motion by a vote of 57-41, thus preventing the flawed legislation from moving forward for an up-or-down vote.

Tonight’s vote was a victory for hard-working Americans who have made their voices clear: they do not want to see or pay for another Wall Street bailout in this country. The Democrats’ bill would make government bailouts the norm, not the exception, and heap even more regulations and red-tape on the backs of Main Street banks and small businesses, which had nothing to do with the housing and financial crises.

We should return to bipartisan negotiations and take the time to get this right. Republicans support much-needed financial regulatory reform that will safeguard the country against another major market crisis and put an end to Wall Street bailouts for good.

 

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