FROM CNN's Jack Cafferty:
You might call it "Health care reform, Take 2."
The financial reform bill might just set the stage for the next big partisan showdown on Capitol Hill.
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2010/images/04/19/art.geithner.jpg caption="Treasury Secretary Timothy Geithner spoke last week after meeting with Pres. Obama and the bipartisan Congressional leadership to discuss financial reform. "]
In what may be another political miscalculation by the GOP, all 41 Senate Republicans say they "are united" in opposing the current bill... and that they want to see a more "bipartisan and inclusive approach." Some have already promised to filibuster it.
Republicans claim the legislation would continue the Obama administration's intervention into formerly private industries.
Ironic when you consider that the original $700 billion TARP bailout happened under the Republican President Bush and his Treasury Secretary Henry Paulson... those hundreds of billions of taxpayer dollars vanished into the pockets of the big banks with very few strings attached.
The Democrats claim the financial reform bill will actually prevent future taxpayer bailouts of failing banks. It would create a consumer protection office for investors, regulate some of the complex investments that led to the collapse, and create a $50 billion "failure fund" financed by the banks.
Treasury Secretary Timothy Geithner says he's confident the bill will pass Congress. And if Senate Democrats can nail down one or two Republican votes, some think that could open the flood gates for others to support it.
Even conservative columnist George Will believes in the end, there will be plenty of bipartisan support - he says the Republicans don't know what they want... and he estimates the bill will pass with 70 votes.
Here’s my question to you: What's behind the Republicans' opposition to financial reform?
Interested to know which ones made it on air?
Kent in New Jersey writes:
The Republicans are opposed to the financial reform bill because it is not reform. It does not change too big to fail, it does not separate commercial banks from investment banks, and it does nothing for the derivatives market. It will not end casino capitalism. It is just phony rhetoric.
Brian in Trinidad writes:
Because the Republicans know, same as the Democrats, that this is just about creating another government bureaucracy to reward party faithful with cushy no-teeth jobs. The problem is not that our laws are inadequate, but that no one keeps an eye on things anymore.
Jane in Minnesota writes:
Jack, Would you bite the hand that feed you?
Phil in Long Beach, California writes:
Both parties serve the same interests. Which side they take is all political theater designed to distract the electorate. No matter what anyone says, there will be no meaningful financial reform just as there was no effective health care reform passed, no campaign finance reform, etc. It's the Republicans turn to play 'Bad Cop'.
Bill in Pennsylvania writes:
Reform? You mean stop their raiding of the public treasury? They will have none of that! General Electirc earned $10.3 billion before taxes. Paid no taxes… No sir. There will be no reforms. All of our legislators are bought minions of the corporate-persons and the very, very rich. Two parties is just a myth to keep the voters entertained but in the dark.
The GOP says "no" and "I don't like this" more than my 4-year-old. Does the GOP honestly think that even a Republican voter just wants them to say no to every proposal the president announces? This is irrational. The GOP is losing credibility and looking more and more like a gang of robots who can't think for themselves.