Senate Republicans united against financial regulatory reform bill

Senate Republicans are united against proposed financial regulatory reform legislation because it allows for taxpayer-financed bailouts and would stifle small businesses and community banks. 

All 41 Republicans signed a letter to Senate Majority Leader Harry Reid (D-Nev.), calling for a bipartisan bill that "should address the damaging financial practices of big Wall Street firms and government-sponsored entities that led to unprecedented taxpayer bailouts and caused our government to take on enormous amounts of debt."

"We are united in our opposition to the partisan legislation reported by the Senate Banking Committee," the letter said. 

Senate Democrats and Republicans have been sparring all week about a bill proposed by Senate Banking Chairman Chris Dodd (D-Conn.). Dodd has been critical of Republican arguments that bill creates a framework to provide for more bailouts and allows too many loopholes for the Treasury Department and the Federal Deposit Insurance Corporation to financially help failing firms. 

The two parties have worked for more than a year on legislation to tighten regulations on financial firms. On Thursday, relations thawed a bit when Dodd and Banking panel member Sen. Bob Corker (R-Tenn.) agreed on the floor to continue discussions and bring a bipartisan bill to the floor. 

Corker suggested a 10-day timeline while Reid is teeing up the measure for next week. 

"We urge you to support the bipartisan negotiations by the Banking and Agriculture committees. We are confident that the Senate can overcome political tensions and provide a bipartisan approach to financial reform this year."