Research

Last night, Republicans won huge concessions against bailouts for Wall Street despite Obama’s and Reid’s best efforts to continue their partisan political theater. But now that floor debate has begun on the Obama-Dodd bill, the Republican fight will now turn to protecting Main Street from the excessive bureaucracy the Obama-Dodd bill would create. Even Sen. Mark Warner (D-VA) said on Fox News this morning he’s concerned about the added layers of bureaucracy that would be imposed on small, community banks:

Sen. Ben Nelson (D-NE) expressed this same concern yesterday, saying that the current bill would “extend too far and adversely impact Main Street businesses that use third party financing to help customers pay for their products or services.” Doug Tippens, a community banker in Oklahoma, gave credence to Warner’s and Nelson’s concerns:

So why would Oklahoma bankers oppose the financial reform bill pending in the Senate? Simple: As presently drafted, the bill doesn’t end “too big to fail” and would increase the costs and reporting obligations of traditional community banks and their customers.

So will Democrats join Republicans in fighting for Main Street or side with their buddies on Wall Street?