GOP Lawmaker Blasts Democratic Plan

Senator Kay Bailey Hutchison is among the leading Republican voices who have been speaking out against the Democratic plan to reform the financial markets. Manuel Quinones reports from Washington.

Hutchison sits on the Senate Banking Committee — that's the key panel negotiating the financial reform legislation. She says the bill needs work before she can vote to move forward with debate.

Hutchison says she's not convinced the plan really takes care of taxpayer backed bailouts and the concept of institutions that are ‘too big to fail.' She's also worried about a proposed consumer protection office making things worse in the long run.

"The ‘too big to fail' is not complete. The consumer agency is regulating areas that are already regulated, like banks. And community banks are left out of Fed oversight."

Hutchison says she worries the legislation will negatively burden community banks. She's received more than half a million dollars in donations connected to the financial industry in recent years.

Democrats insist their current plan creates a strong mechanism to deal with troubled financial giants without relying on taxpayer bailouts. Still, the GOP has managed to block debate on the bill for three straight days.

From Capitol News Connection Manuel Quinones — KUHF News.