Showdown Looms On Finance Rules
In the increasingly bitter struggle over regulating financial markets, senior Republican lawmakers are coalescing around a blunt line of attack, warning that White House-backed legislation headed to the Senate floor would entrench rather than end federal bailouts of Wall Street.</br></br>The strategy aims to pit Republicans against the administration's financial overhaul without appearing to side with Wall Street. Elements of the critique focus on conditional language in the bill that might easily be made more definitive, and some Democrats have pledged to ensure no bailouts are allowed. But the charge is designed to score political points at a time when public anger about Wall Street bailouts remains high.</br></br>Senate Minority Leader Mitch McConnell of Kentucky said Thursday that the legislation "is seriously flawed" and "would allow taxpayer dollars to bail out Wall Street banks."</br></br>With a showdown looming, Democratic leaders said Thursday they would bring the legislation to a floor debate next week, in essence calling Republicans' bluff. The Obama administration is reaching out to rank-and-file Republicans, hoping to win backers even as top GOP senators were hardening against the bill.</br></br>Treasury Secretary Timothy Geithner is among those leading the outreach. He has scheduled a Friday meeting with, among others, Sen. Orin Hatch (R., Utah), who complained the administration "just won't work with us." Part of Mr. Geithner's mission is to walk senators through the bill's details, including highlighting GOP-backed ideas in it.