Reid Accuses GOP of ‘Making Love to Wall Street’

Posted May 5, 2010 at 11:43am

Senate Majority Leader Harry Reid (D-Nev.) accused Republicans of holding up the amendment process to the financial regulatory reform bill because “it’s obvious they don’t want to put any decent restrictions on what Wall Street has been doing.”

“They have stopped us from moving on this bill, period,” Reid said during a press conference Wednesday, adding, “Republicans are having difficulty determining how they can continue making love to Wall Street.”

Republicans said they wanted to wait on floor action until they saw the final text of the measure, which they received earlier Wednesday and were reviewing. Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) indicated that the chamber would begin voting on amendments by the afternoon, including an agreement reached on key provisions with ranking member Richard Shelby (R-Ala.).

Explaining the holdup on the floor, Majority Whip Dick Durbin (D-Ill.) said: “Yes, we’re waiting on a score from the White House on the Shelby-Dodd amendment.”

Scores of amendments have been filed to the financial reform bill, which the Senate brought to the floor one week ago. The chamber has not cast a single vote since moving to the measure, however.

Reid lamented that Tuesday’s adoption of a resolution honoring “classic car day” was the chamber’s lone accomplishment for the day. He noted the long list of priorities awaiting action, including a host of nominations, and complained that in the past two weeks “we’ve accomplished nothing, virtually nothing.”

Reid has also maintained that the bill must be off the floor by the end of next week in order to clear time for other measures, including a small-business loan bill and a food safety bill.