McConnell predicts filibuster of financial reform

By David Edwards and Gavin Dahl

The Wall Street reform bill may eventually pass in the Senate but not before it faces a filibuster Monday, according to Minority Leader Mitch McConnell.

Fox News' Chris Wallace pressed Sen. McConnell (R-KY) Sunday on whether he would have the 41 senators needed to filibuster the bill when it comes up for a floor vote Monday. "It's my expectation we will not go forward with the partisan bill," answered McConnell.

"We don't have a bipartisan compromise yet but I think there is a good chance we're going to get it. What I'd like to see is an opportunity to prevent the Democrats from doing to the financial services industry what they just did to the health care of this country," said McConnell. "And Ironically, Chris, my view is very similar to that bastion of conservatism and tool of Wall Street, The Washington Post editorial page, which said this morning that this bill needs to be improved."

"The fifty billion dollar bailout fund needs to come out," continued McConnell. "We need to have a system in there under which the creditors can expect that they're going to be treated fairly somewhat similar to the bankruptcy laws and we need to have enhanced capital requirements. None of that is currently in the bill that the Majority Leader would try to have us take up on Monday, which came out of committee on a strictly party-line vote."

To pass the bill as is, Senate Majority Leader Harry Reid would need the support of at least one Republican senator.

The Hill reports that eyes are trained on Maine's two moderate senators, Olympia Snowe and Susan Collins. Neither one has so far declared they would support the bill.

Last week, Sen. Reid (D-NM) dared Republicans to block financial reform, assuming the American people support Congress taking on Wall Street.

The Washington Post editorial mentioned by McConnell ends with these words:

"Based on our reading of the bill that emerged from Mr. Dodd's committee, a bipartisan compromise on these points is well within reach. That is, unless Democrats and Republicans are more interested in scoring political points than fashioning policy."

This video is from Fox's Fox News Sunday, broadcast April 25, 2010.