McConnell on Dodd bill: 'Another 1,000-page bill, not supported by Republicans'

The Senate financial reform bill unveiled Tuesday is another 1,000-page bill the GOP won't support, their Senate leader said.

Senate Minority Leader Mitch McConnell (R-Ky.) ridiculed the bill introduced this morning by Senate Banking Committee Chairman Chris Dodd (D-Conn.) to overhaul the U.S. financial infrastructure as a partisan, lengthy piece of legislation, in the vein of health legislation before Congress.

"What I understand is this is yet another thousand-page bill, not supported by any Republicans," McConnell said during a press availability this afternoon. "I don't think the public is clamoring for us to pass yet another thousand-page bill."

"I don't yet see bipartisan support on that bill," the GOP leader added. "Maybe it will develop at some point. But my understanding is the bill that you're referring to has no Republican support."

The Dodd proposal, which at its preliminary stage measures roughly 1,100 pages, would create a new Consumer Financial Protection Agency and create a new regulator to oversee systemic risk in the financial industry.

The bill mirrors in some ways the proposals for financial reform in the House, led by Financial Services Chairman Barney Frank (D-Mass.), as well as the priorities of the Obama administration.

For his part, McConnell said he was unsure the Senate would even have an opportunity to move forward with Dodd's financial reform bill in the short term.

"I'm not sure when they would plan to turn to this on the Senate floor, since it's obvious health care is going to be the dominant issue for the next coming months," McConnell said.