U.S. Sens. Thad Cochran and Roger Wicker, both Mississippi Republicans, joined party colleagues and one Democrat on Monday in blocking a floor debate on a sweeping financial transaction reform proposal.
“The country needs financial regulatory reform, but we must be sure that the reforms are sensible and not so overreaching that they result in excessive government control over the investments that sustain our economy. The bill before us would not only impact Wall Street, but also many local interests, including community banks, housing developers, farmers, manufacturers, auto dealers, pension funds, insurers, consumer lenders and credit unions. I hope we will soon reach a bipartisan agreement that will the curb financial abuses that hurt our economy, while protecting local businesses and consumers,” Cochran said.
Wicker, a Tupelo resident, said, “The bill in its current form would impose unnecessary and unworkable requirements on small banks and financial institutions. Now we will have the opportunity to work toward a truly bipartisan compromise that will protect taxpayers from future bailouts.”