Chris Dodd says that he wants to move on financial reform as early as Wednesday, but with President Obama set to deliver his own Cooper Union speech on financial reform on Thursday, it's unlikely the bill will go to the floor before then.
Dodd is still talking tough about forcing Republicans to choose between Wall Street and America.
"I don't really believe Republican members want to be with their leaders when they're talking about filibustering a bill that would allow us to address [Wall Street reform]," said Senate Banking Committee Chairman Chris Dodd at a press conference this morning. "So I'm going to work on the assumption that the glass is half full, that when we bring this bill up later this week that we'll have the votes across the board...to allow us to debate this legislation, consider amendments, and move forward."
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"On Wednesday or Thursday, Democrats and Republicans in the United States Senate will get a chance to decide which side of the equation are they on," Dodd said. "For change? For establishing the laws and regulations that will protect us? Or on the other side that said no, status quo.
Dodd has also said that he won't commit to eliminating the $50 billion fund that has been the target of the Republicans' "permanent bailout" talking points.
"If there are other options to that, fine, we'll consider them," Dodd said. "But the irony of ironies is the suggestion about this came from the Republicans. Now, we agreed with it, because it made some sense to have a prepayment system for large institutions, much as we have for small ones."
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"Obviously, the events of the last week or so, including a major investment firm in New York — without getting into the decision, a legal matter — let there be no doubt in my mind, our bill would have prevented that kind of events from happening, in my view, and that's what the public needs to know," Dodd said. "By not enacting our legislation, by filibustering it, stopping it, we leave the American public vulnerable once again to the kind of — the kind of shenanigans that have occurred in our large financial institutions across this country."
Given the polling on financial reform and the unease in at least one Republican over the hard line the Republicans are locking themselves into, Dems need to hold firm, not make concessions to weaken reform and take on both Wall Street and the Republicans.
Making concessions isn't likely to bring Republican votes, anyway, if Susan Collins is any example. After her meeting today with Tim Geithner, Collins announced "that she will vote to filibuster a Democratic Wall Street reform bill."
That leaves Olympia Snowe, reprising her role. Snowe says she's "always willing to be the only Republican if it's the right thing, and it's important to do the right thing on this." Of course, that's pretty much what she said about health insurance reform, too.