Carper, a member of the Senate Finance Committee, said that he thinks a bipartisan deal can be reached on financial regulatory reform legislation, and argued it should be done by dropping the most contentious areas of the bill.
“At the end of the day…we agree on about 80 percent of the stuff here,” Carper said during an appearance on Fox News. “I think what we need to do is focus on the 80 percent on which we agree and set aside the 20 percent for another day.”
Among those provisions creating friction is a $50 billion, industry-funded pool of money to help wind down financial institutions if they begin to fail. Republicans have derided this provision as a pool for endless bailouts, though they’ve also maintained other objections to the legislation.
Democrats are actually on the verge of winning this one without dropping this provision. Senator Corker (R-TN) has defended the fund from the “permanent bailout” rhetoric of Mitch McConnell and Goldman Sachs gave a big boost to the prospects of reform by being giant douches. Even the media is calling out Republicans on their bogus talking points ripped straight from a Luntz memo.
I’ll give you a one guess on why Tom Carper is ready to throw in the towel on the provisions Big Wall Street hates most…