After sharply criticizing the proposed new financial regulations that could change the way Wall Street operates and fearing a major backlash from voters, key Washington Republican senators appear to be throwing their weight behind the legislation.
Washington Post: After a week of attacking the proposals as paving the way for new taxpayer “bailouts,” Minority Leader Mitch McConnell (R-Ky.) said on the Senate floor that he was “heartened to hear that bipartisan talks have resumed in earnest.” Later, after a meeting with fellow Republicans, he told reporters that while he believes that there are still serious flaws in the legislation, “I’m convinced now there is a new element of seriousness attached to this, rather than just trying to score political points. . . . I think that’s a good sign.”
The change in tone came as the Security and Exchange Commission’s lawsuit against Goldman Sachs for allegedly defrauding investors continued to dominate headlines, underscoring public anger at Wall Street and reminding lawmakers of the potential consequences of inaction. In the corridors of the Capitol, members of both parties, as well as a sea of lobbyists from across the financial spectrum, jockeyed to shape key provisions of the wide-ranging legislation before it hits the Senate floor.
