Two high-ranking administration officials said Sunday they believe financial reform legislation will pass Congress, despite the fact no Republicans have yet announced their support.
National Economic Council Chairman Larry Summers and Council of Economic Advisers Chairwoman Christina Romer both predicted the measure would be approved and Romer said Republicans would eventually come around.
"Yes, I think it will," Romer said on "Meet the Press" on NBC. "I think it has to" continuing that she is "very confident that we will be able to pick up some Republican support."
Experts are predicting that the bill will pass. Senate Banking Committee Chairman Chris Dodd (D-Conn.) has said he believes a bill will get done by the end of the year but others have eyed passage by late May. Officials on Sunday did not give deadlines for its passage.
Supporters of the bill hope that passing the measure by the fall midterm elections will give them strong credibility amongst voters who have expressed anger with Wall Street for helping create the financial crisis.
But Republicans have objected to the bill, saying it would fails to enact strong reforms and would allow firms that are "too big to fail" to receive bailouts in the future.
Romer said that the country "need some
sensible rules of the road" when it comes to the banking industry.