WASHINGTON, DC - U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Thursday regarding financial regulation reform:

“Two things have become increasingly clear over the past week in the debate about the need to protect taxpayers from the mistakes of Wall Street.

“One, both parties are united in the need to take action. And two, the bill our colleagues across the aisle are insisting on as the remedy is seriously flawed.

“The good news is, the bill can be improved, and both sides have expressed a willingness to make the changes needed to ensure without any doubt that this bill wouldn’t allow future bailouts of Wall Street banks.

“I was encouraged to hear the President yesterday acknowledge that it’s his ‘hope’ that the bill which ‘emerges’ from this debate will not allow for bailouts.

“I share that hope.

“Republicans believe the solution is for the bipartisan talks to resume between chairman Dodd and Ranking Member Shelby and others — not for one side to insist on a take-it-or-leave-it approach.

“Like the President, I hope we can get back together and address this very important issue on a bipartisan basis. Republicans and Democrats alike believe that the flaws in the Democrat bill, flaws that would allow taxpayer dollars to bailout Wall Street banks, can and should be corrected.

“Let’s get that done. Let’s take away any possibility that taxpayers will once again be told that they’ll be on the hook for mistakes on Wall Street.”

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