The Senate is preparing to vote on Dodd's reform bill for a third time later today. So far, Senate Democratic leader Harry Reid (D-Nev.) cannot garner enough support to begin debate on the measure.
Garrett argues a floor debate on the proposal is the wrong place to try and fix the bill.
"That is not the appropriate process to go through," he said. "You will probably not be able to have the debate and discussion on these issues And, secondly, even if you did pull out those provisions in the bill you still will basically, in essence, be perpetuating the system that we [already] have here."
Garrett went on to say that Dodd's bill benefits larger banks at the expense of smaller banks and taxpayers.
"If there is any party that is standing up for the big banks, it's the Democrats," he said. "If there is any party that is standing up for the little guy, for Main Street and small community banks, and taxpayers in general, it's the Republican Party."