Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.) today called on the Senate to use a fast-track legislative procedure -- known as reconciliation -- to enable the Senate to pass reforms to Dodd-Frank that would save taxpayers money and help grow our economy. Sen. Toomey's suggested tactic requires only a simple majority vote in the Senate, and it could include sweeping reforms at the Consumer Financial Protection Bureau and ending taxpayer bailouts of financial institutions.
During his speech, Sen. Toomey said:
"It is my strongly held view that we need to reform Dodd-Frank. It's overdue, but it needs substantial reforms. Those reforms should include making sure that taxpayers never have to bail out another giant institution. It's just wrong. That should not be on the table. In fact, it should be precluded."
"I hope, first and foremost, that as we go through this process, that some of our Democratic colleagues will work with us, and will agree there are changes that need to be made, and that we can make them, hopefully with a very broad consensus. But if that's not possible, I would suggest there is an alternative. And the alternative is we use a budget resolution that would contain reconciliation instructions to the banking committee...because that will allow us to pass subsequent legislation -- in compliance with the reconciliation instructions -- that can pass the Senate with a simple majority vote."
"For too long now we've been putting up with a Dodd-Frank bill that is costing us a lot of economic growth and opportunity. I am hoping our Democratic colleagues will work with us so that we can begin to make the constructive changes that we need. But if not, I think we should use all tools available to get this job done."
You can watch Sen. Toomey's full remarks here.