[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[Senate]
[Page 6334]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      FINANCIAL REGULATORY REFORM

  Mr. McCONNELL. Madam President, last night the Democrat majority 
forced a vote on a bill that was not ready for prime time. We know this 
because every day it seems another one of its flaws comes to light. And 
it is noteworthy that there was bipartisan objection to going forward 
with the bill last night in its current form.
  You have every single member in my conference--from one end of the 
party spectrum to the other--united in calling for more bipartisan 
talks. We have heard from a couple of Democrats who think we should 
make some improvements as well.
  You had the National Federation of Independent Businesses yesterday 
saying the bill hurts America's small business job creators. We heard 
from the organization that represents military officers yesterday 
expressing their concerns about the impact the bill will have on nearly 
400,000 Active-Duty, retired, and former servicemembers, their 
families, and survivors. Community bankers from across the country say 
this bill, as currently written, hurts Main Street. The New York Times 
this morning reported that the maker of M&M's and Snickers is concerned 
about the bill's impact on the cost of sugar and chocolate. Harley-
Davidson is worried about the effect it is going to have on business, 
and eBay is worried about the consequences for its business.
  Clearly, this bill is not ready. It falls short of our constituents' 
demands to prevent future bailouts, and it is expected to hurt 
America's job creators at a time when we need jobs most. Does anyone 
really believe the people who make Harley-Davidsons and Snickers bars 
are responsible for the financial crisis? Does anyone think that? Then 
why would we want to punish them in our effort to hold Wall Street 
accountable? These are just the kinds of unintended consequences you 
get from rushing legislation. If we are aware of them, why wouldn't we 
want to address them? In many cases, all it would take is a simple fix. 
The Military Officers Association says all it would take is a simple 
tweak in the language to address their concerns. In other places, we 
just need to close a loophole. Unfortunately, the Democratic majority 
seems less interested in fixing this bill than in some political win 
they think they are scoring by not fixing the bill. It is a total waste 
of the people's time.
  Americans do not understand why we would vote on a bill that does not 
meet the basic test of reform. They do not see the point. In what other 
line of work is it acceptable to show up to a big meeting with an 
unfinished product? Don't we have an obligation to make sure the bill 
we bring to the floor is in good shape before we vote on it? Isn't that 
just basic? This bill is not ready yet. It needs work. That is what 
last night's vote was about.
  This morning, I saw that the junior Senator from Virginia--a Democrat 
and a man who knows what it is like to create jobs--is acknowledging 
what Republicans have been saying all along. This is what he said:

       There are parts that need to be tightened.

  That is certainly true. So let's stop the show partisanship and fix 
the bill. Let's tighten the parts that need to be tightened, as Senator 
Warner suggests. Let's get back to the business of reforming Wall 
Street and proving to the American people that the days of Wall Street 
bailouts are indeed over.
  Madam President, I yield the floor.

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