Dodd Says GOP Blocks Overhaul Bill "At their political peril"

Banking Committee Chairman Chris Dodd, D-Conn., warned Republican senators against continuing to block the Senate from debating a financial regulation bill.

“They do so at their political peril,” said Dodd, just before Republicans filibustered an effort to bring the legislation to the Senate floor. “I’m not asking them to vote on the final bill.”

Dodd said Democrats are trying to craft a portion of this legislation to protect consumers. But Republicans aren’t biting.

“They don’t want a consumer protection agency at all,” Dodd said. “After all this country has been through, to consider that too radical is stunning to me.”

Dodd said Republicans appear to be hung up on one issue in particular.

“They’re flyspecking this debate on too-big-to-fail,” Dodd said, referring to Republican charges that the legislation would protect some large firms because of how their collapse could impact the economy.

For two days in a row, Senate Republicans quashed Democratic efforts to allow the federal government to tighten its reins on the nation’s banks. A majority of senators supported moving to the bill. But Democrats were three votes short of the supermajority required to hurdle the GOP filibuster.