McConnell: Dodd reform bill guarantees perpetual bank bailouts

Senate Republican Leader Mitch McConnell (Ky.) told reporters on Tuesday that enactment of the financial reform bill authored by Banking Chairman Chris Dodd (D-Conn.) would create an "endless bailout of Wall Street banks." 

He also predicted "overwhelming Republican opposition to that kind of approach," but did not offer specifics for the resistance. Dodd's bill creates a consumer protection agency as well as a systemic risk council whose primary task is identifying unsafe financial products and practices. It also seeks to create oversight for exotic instruments like hedge fund and derivatives. 

After bipartisan talks broke down on creating a financial reform bill, Dodd introduced his own legislation last month. Sen. Richard Shelby, ranking Republican on the Banking Committee, today said a bipartisan bill is still possible. 

"We can get a good bill, but they [Democrats] have to meet us half way," he said. 

Shelby did not say what issues need to be addressed to win Republican support for the bill.