Dodd Says GOP Listening to Wall Street Too Much

Senate Banking Committee chairman Christopher Dodd on Wednesday defended his massive regulatory overhaul bill, saying the GOP is involved in a "Wall Street lie" by claiming his legislation would perpetuate bank bailouts. Speaking on the floor of the Senate, chairman Dodd said his bill will end bailouts and set up a mechanism to wind down large failing institutions, while ensuring that taxpayers are not on the hook for the losses. However, Sen. Dodd said political strategists and bank lobbyists are spreading "false talking points" to kill the reform bill. "And that's why I've been so dismayed to hear members of this body repeat the utter falsehood-concocted by special interests whose jobs and pensions are plenty secure, thank you very much-that this bill will lead to more bailouts," he said. Democratic leaders are planning to bring Dodd's bill to the Senate for debate as early as next week. The chairman stressed that he has worked with Republican committee members in crafting the bill. "My friends on the other side of the aisle may not like every line in this bill. But, at the very least, let's not pretend that the bipartisan work that produced this legislation didn't happen," Sen. Dodd said.