Senate Republicans had mixed reaction to the move from Senate Banking Committee Chairman Christopher Dodd (D., Conn.) to move ahead on a bill to rework financial rules without the support of Sen. Richard Shelby (R., Ala.), the panels top Republican.
Sen. David Vitter (R., La.), a member of the panel:
I think its a shame, because we were making progress towards a bipartisan bill.
I think Dodds been pulled back by the White House and pushed to take a pure partisan bill.
If he sticks to this, I think its going to be stuck in the mud on the Senate floor.
Mr. Vitter called the creation of an independent, standalone Consumer Financial Protection Agency a complete nonstarter. He said no Republicans on the Senate Banking Committee would support it.
Sen. Bob Corker (R., Tenn.), a member of the panel.
While Im disappointed that Chairman Dodd and Ranking Member Shelby have reached an impasse, it wont alter my efforts toward a bipartisan bill. Senator Warner and I continue to make significant progress in negotiating the resolution authority and systemic risk pieces of the legislation, and Chairman Dodd has assured us that our work will be included in the bill. My staff and I will continue working over the weekend with Senator Warner and others in hopes that we will be able to work out a bipartisan bill in committee.
When asked on a conference call with reporters whether he could envision a scenario where he was the only Republican on the panel to support a bill advanced by Mr. Dodd, he said he started this process to put together a very strong bill that addressed the issues… If we end up with a bill that meets that end, I plan on supporting it.
He said he would not, though, support any bill that would create an independent, standalone Consumer Financial Protection Agency.