is it 85% done as senator richard shelby said today? joining us now is camden fine from the independent community bankers of america. mark calabria, director of financial regulations study. mark, pardon me. i need to get cam on the record. he's nice enough to come on the show. first of all, cam, we had the -- he's a friend of the show. ed yingling of the american bankers association said last evening the small community bankers opposed the bill. i thought you were in favor of the bill. can you clarify it for us, sir? >> there are parts of the bill, larry, that we like. there are parts that we oppose. we have not come out in support of the bill, but we have not gone negative on the bill either. because community bankers want parity and equality in the financial services system and we don't have it today because when wall street blew up, community banks caught a lot of shrapnel and we were left to die while the government ran over and bandaged wall street. we aren't going to tolerate that anymore. so the status quo is unacceptable to comm

senator richard shelby of alabama, who is representing the republicans in talking with senator dodd, told reporters that an agreement is close at hand and that a substantial number of republicans will go along with it. elsewhere in the senate, the agriculture committee, led by chair woman blanche lincoln, approved its own portion of the bill, which would limit derivatives trading and make it more transparent. it received just one republican vote in committee, but an important one. chuck grassley of iowa. those rules on derivatives will get folded into the banking bill. in an interview with cnbc's john harwood, president obama said stronger financial regulations would be good for everyone, including, especially for wall street itself. >> we have gotten into one of those places where we need to update those rules of the road. and if we do so, not only is that good for the economy, not only does it protect consumers and investors, it's also good for the financial sector. because it will rebuild trust, and people will have confidence that when they're dealing with banks, when they're dea

you had senator corker from tennessee and you even had the senator from alabama, richard shelby trying to work something out. dr no from kentucky is on that kick. it is not true that the democrats are shoving anything down the republicans the road. they are negotiating. >> the other piece of news that affects this is the treasury is now estimating that losses from the bailout are much smaller than anybody expected. everybody talked about $800 billion at the beginning. it turns out that if you said the banks and you have a piece of the bank and a bank recovers, you make a profit. it looks as if our losses are under $100 billion and that is almost entirely a.i.g. and the automobile bakers, not the banks. >> the democrats needed to. they need a record going into the november elections. they are on the ballot. president obama is not on the ballot for two more years. he would like to see a democratic losses fell to a minimum but no one is talking democratic losses fell to a minimum but no one is talking about a democratic where will the energy come from to move us forward? from natural sour

you received a less leather from richard shelby saying it does not cure too big to fail. the power could be abused. the fund that banks have to buy into. can you tell us about that? >> the dodd bill talks a lot of republican ideas, ideas from senator shelby and others. it makes the key point. if big banks ever again manage themselves to the edge where they can't survive without government assistance, the government should have the ability to come in and dismember them to unwind them and sell them off in pieces without putting taxpayer money at risk. that's the key thing. we don't want taxpayers ever again to be exposed to bearing sni of the cost of these large financial crisis. on those issues we're getting close to. >> in terms of resolution or authority, just to clairifclari. you need to be able to shut down the areas of the business that aren't working and keeps those that are. >> you want to be able to draw a fire break around the fire. you want to make sure the fire can't jump from the failing firm and threaten the rest of the financial system. so you need to be able

. >> reporter: in fact republican senator richard shelby and republican senator chris dodd held one on one meetings until the vote on monday evening trying to find common ground. one republican vote would have tipped the scale. >> it appears if all the republicans have decided the rules in place now are the rules we should have going forward. that's what happens if we don't do it. >> reporter: but republicans insist they, too, want reform, they just want to go about it differently. democrats say the consumer protection agency created by their bills would protect americans from predatory mortgage loans and offers. republicans say it is too expensive and powerful. >> and democrats say it sets up a fund paid for by the banks to unwind failing financial firms republicans say it gives regulators too much leeway to prop up the banks when they take too much risk. >> we're not going to be rushed in to another massive bill based on the assurances of our friends on the other side. >> reporter: democrats pledge they will introduce the bill again. republicans say they may sponsor their own version

sources close to the negotiations have told abc news senator richard shelby, the top republican on the banking committee, indicated the two sides are close to an agreement. >> i think we're closer than we've ever been. will we get a bill by tomorrow? i doubt it. i would always hope so. >> the new provision would require most derivatives to go through a new network of clearinghouses and be traded on regulated exchanges. the first procedural vote is expected today. >>> china's growing economic influence is giving it more financial clou

looks like people like richard shelby are saying, give us a couple weeks to work it out. do they want to cooperate on a strong bill with triet in it? >> what was clear, mitch mcconnell, the republican leader went up to wall street about two weeks ago, a week ago, huddled in the back room with wall street bankers, came back and opposed the bill. it was clear they wanted the brakes on this legislation. >> you think the meeting and what position mitch mcconnell -- >> i think he wanted to kill the bill. >> you and some of the viewers may think this is obvious but i'd like to hear it spelled out. both parties take money from wall street. you probably have money in wall street, most have friends on wall street. they are educated guys up there. like them or not, they are very smart people. they are very social. got a lot of money and political. a lot of money as chairman of the party, the others do, too. why are the democrats the ones that go against wall street and republicans seeming to play defense when you're both in the till. explain that to me. >> the the fact of the matte

[laughter] [applause] ♪ we heard from chris dodd and richard shelby of the banking committee as wells senator blanche lincoln and saxby chambliss of the agricultural committee. while the democrats aligned the measures the republicans address their concerns including derivatives regulation and consumer protection the debate with a message for those who've seen the acrimony in the chamber over the past couple of weeks and include that this senate is enough to getting the job done on a piece of legislation on this importance and of this size and i will be the first to admit sometimes we become discouraged and disappointed with each other. it's the nature i suppose of the legislative body where you have as different views and strongly held views as we have. i myself was frustrated of course by how long it took to bring the bill up to the floor and others are frustrated by what they see in the bill. all of this can have a rationale so while we can express our frustrations. but the thing that gets to this point is to be about to get to the finish line on this important legislation as well.

they're close, as richard shelby told david gregory on "meet the press" this morning, but it's probablyot going to occur tomorrow and democrats don't mind that at all. democrats are enjoying this fight, they think they're winning it, they're not easy to close the deal with concessions and if the headlines on tuesday morning say that republicans block consideration of wall street reform, that's not a problem from the standpoint of the democratic leaders. >> republicans said they were hung up on this $50 billion resolution fund. it's something the banks would pay in themselves to cover the cost of closing a failed institution, but they see it, though, as a de facto bailout, don't they? >> reporter: they do. and they have an argument on narrow grounds. the republicans and the treasury department in the past have viewed the advance funding of that money for winding down firms as potentially making people think there's a cushion and perhaps taking more risks. there's also questions about how much discretion regulators should have. but, clearly, the thrust of this provision is to wind down, s

central negotiations are being conducted by chris dodd, the chairman of the banking committee and richard shelby, the ranking republican. but there's been a lot of members of the banking committee involved in all of this. now, the question is, do they get a bill together in time for this showdown vote they're going to have on monday, which is a procedural vote just to bring the bill to the floor? and i have the feeling that it's going to be -- they'll either -- all of the republicans will stick together or i -- the vote might just not even happen. if they get a deal, they'll say, ok, fine, let's just bring the bill to the floor. i do think there's a handful that are already feeling kind of edgy about voting against bringing the bill to the floor. >> john, what needs to be changed in this bill to finally get the bill over the 2 yard line, is it the derivatives issue? is it the $50 billion bailout fund? >> there's a lot of stuff and some of it is very, very esoteric and difficult to explain. but there are a couple of big-ticket things. first of all, you have the consumer protection piece of this.

i know richard shelby and harry reid won't be at the barbecue. they're too busy. >> thank you. easy. >> that does it for this edition of "andrea mitchell reports." we'll see you back here on monday. remember to follow the show online and on twitter at mitchell reports. you're watching msnbc. ♪ because you're tasty with toasty whole grain. [ crunch ] wheat thins. toasted. whole grain. crunch. the crunch is calling. toasted. whole grain. medication to lower your bad cholesterol but your good cholesterol and triglycerides are still out of line? then you may not be seeing the whole picture. ask your doctor about trilipix.

certainly if he is favoring, there would seem to be a reversibrevers reversal by senator richard shelby. >>> wall street firms earned the better part of a billion dollars in build america bonds in the past year. bonds will create jobs by funding infrastructure projects. the recent treasury report states that the majority of the bond deals were done by just two states. senator chuck grassley, the ranking member of the financial committee and senate. calls it a taxpayer bailout and "instead of looking out just for california and new york and wall street banks, i'm looking out for the american taxpayers who are going to be stuck with the tab." joining us now a couple voices from the heartland john gallagher and lauren stefy, business columnist at "the houston chronicle." welcome to you both. without getting into the intricacies of the build america's bonds program which is an eye glazing exercise, if ever there was one. does it surprise either of you that two of the nation's most populous states, the largest states in the country, i ges with texas in there, as well, are the biggest issuers

democratic senator chris dodd and republican senator richard shelby.hen our roundtable takes on the growing political divide over illegal immigration back on the front burner now as well as financial reform. how will voters sort it all out in november coming up this morning on "meet the press." >> jason campbell is heading west. he's been traded to oakland, but he's still keeping a positive attitude. >> lindsay czarniak spoke with the quarterback as he prepared for the big change. good morning, your sports on this sunday morning begins with former redskins quarterback jason campbell turned quarterback for the oakland r d raiders. it has been a whirlwind for campbell as he prepares to fly to california this afternoon. looking at at the raiders history, oakland is not a team that you wouldnarily jump at the chance to be a part of. for jason, this is a chance to % lead a team taking steps to turn around. everything about this is new for jason including moving across the country. >> the only thing i thought about was the long flight. it's a five-hour fligh

senator richard shelby this spoke at the independent community bankers conference and said negotiations continue but no republican will support the bill get. the senate will vote this afternoon. you can see live coverage of the vote starting at five eastern here on c-span2. >> west virginia held a memorial yesterday for the 29 miners killed earlier this month in the worst u.s. mine disaster in 40 years. massey energy companies said air samples didn't show high enough levels of explosive gases just before the explosion. i look now at yesterday's memorial service for those miners that this portion is about an hour and a half. >> jason madden atkins. [applause] [silence] [silence] carl "peewee" acord. [applause] [silence] [silence] james "eddie" moone. [applause] [silence] [silence] joshua scott napper. [applause] [silence] [silence] [silence] kenneth a. chapman, sr. [applause] [silence] [silence] [silence] [silence] [silence] timmy davis. [applause] [silence] [silence] benny r. willingham. [applause] [silence] [silence] [silence] [silence] gregory steven brock. [applause] [silence] [silen

democratic senator chris dodd is working with republican senator richard shelby to achieve a bipartisanl which faces a vote on monday. is this something that has been achieved? what about the progressive democrats' bill which some say is the key to real reform. joining me now is neil irwin, financial reporter for "the washington post." good morning. >> good morning, alex. >> what does reform mean to you and mean? how does it shake down? >> try and give righters more tools they can use to reign in risky behavior by financial institutions and prevent a crisis like the one we've gone through. there's some key elements, a consumer protection agency housed within the federal reserve and the current version which would have power to restrict lending that might ab busive or dangerous for people. there's elements to try and reign in derivatives, these risky complex investments that are a major factor in the crisis. so a lot of things to try and prevent i future crisis and protect ordinary americans. >> you know, is there a clear line between democrats and republicans? i mean, are dems for the l

richard shelby said today that financial regulation is 85% done. bipartisan talks back on schedule? here's chief washington correspondent john harwood with the latest. is it true? >> i think they are making progress, larry. it is almost certainly going to get done. for a time today, the backstage negotiations over financial regulation moved out of the spotlight. instead you had a house financial services committee reviewing what happened in the lehman brothers case trying to figure out how to keep it from happening again. s.e.c. chair mary shapiro was there. the s.e.c. is now looking at how to do things differently. >> we are considered whether under the s.e.c. rules that we need new rules to prevent the masking of debt or liquidity at quarter end like we saw lehman brothers do. >> of course tim geithner who was at the hearing used this to frame the broader argument for financial regulation reform. he said, you can't stop

senator richard shelby of alabama said democrats agreed to address concerns that the bill might lead to more bank bailouts in the future. the two sides remained at odds over a democratic proposal to create a consumer financial protection bureau. but in quincy, illinois, late today, president obama welcomed the apparent signs of progress. >> it appears an agreement may be in hand to allow this debate to move forward on the senate floor. ( cheers and applause ) i'm very pleased by it. and i'll work with anyone, republican or democrat, who wants to pursue these reforms in good faith. >> sreenivasan: earlier, republicans blocked action on the bill for the third time in as many days. for a time, angry democrats threatened to hold an overnight session, with votes in the wee hours. toyota has added 50,000 sport utility vehicles to its list of recalls. the sequoias were sold in the u.s. during the early part of 2003. the automaker said the electronic stability control system could prevent the vehicle from accelerating at slow speeds. for the record, toyota is an underwriter of the "newshour.

committee chairman chris dodd is negotiating behind closed doors with his republican counterpart, richard shelby to reach agreement on a bill that will produce 60 votes. the intention, to rush it to the floor with no debate on the obvious and blatant flaws in the legislation that perpetrate the corrupt system that mr.s dodd and shelby seek to perpetrate. and even in they don't reach agreement. senate majority leader, harry reid, said he'll put it up for a vote anyway, just to avoid the honest debate. the movers by reid and dodd are moves intended to silence the truth-tellers in our senate. people like senator ted kaufmann, senator sharrod brown, senator blanche lincoln, dick durbin, maria can'twell, carl levin. bernie sanders. they all want an honest debate about the fundamental flaws in the bill. however, those in the leadership role are attempting to quash that debate and serve the bankers who deliver them the money. lawmakers, actually trying to bring transparency to the shadow banks. lawmakers actually trying to stop the police and regulators for being under the employment of the crooks they

republican senator richard shelby reportedly still trying to work out a deal with democrat chris dodd. a number of republicans considered possible votes for some version of reform in the end. but today's vote to not allow debate on the senate floor really just means that republicans want the political negotiations on wall street reform to happen away from the c-span cameras in private, off the senate floor. this was not a vote on the merits of the bill. this was, hey, do you guys want to start talking about wall street reform? and the resounding reply was no, we do not want to start debating this. whatever you hear in terms of beltway common wisdom about this, believe me, it is not normal for things to take more than 50 votes to pass the senate. a majority of a body of 500, mathematically speaking, a majority vote in the united states senate is 50 plus one. but on wall street reform, like lots of things, republicans aren't just voting no. they're using a procedural tool to keep a vote from even happening. democrats have a majority on this. republicans just won't let them take a majori

richard shelby and i worked together, we met the other night to work on this some more. the door is open to get a compromise on the bill, if we can. i'm not interested in just scoring points, i'm interested in writing a good bill. this is not about washington. it's about the $8.5 million who have lost their jobs and seven million who have lost their homes. the millions who watched their retirement accounts evaporate overnight because of the tricks that went on in the financial sector. this is about a country that came to the brink of financial collapse and whether or not we're going to take the steps to correct the system so it doesn't happen again. >> going back to complete the circle, the republican leadership, mitch mcconnell keeps reciting this mantra. endless taxpayer bailouts. just to get you on the record, mr. chairman, that's a dishonest statement, right? >> completely. and he knows it. he and i have talked about it, it's a complete falsehood, he knows that. we've worked at this so tirelessly, to suggest that is the case. and the further suggestion i've written a

. >> richard shelby, town hall meeting last year, someone says the president isn't born in america. he goes, they say he's born in hawaii but i haven't seen the birth certificate. when you're in these town hall meetings it isn't just about pandering. it's about setting the record straight and being a political leader. i think tom coburn takes the award. he did it. it's about being true to principles. he showed he is. others have not been that honorable. >> it seems you have to beat up people to admit the truth. they keep playing these games. they waffle. they pander. they let the person believe the worst. they're standing in there. they're getting paid by the public to tell them what's going on and they let the dishonesty feed on itself. they keep it going. david, your thoughts. don't they have some responsibility to the court of public opinion to tell them what they know? >> you think they would. you think everybody does. don't have as much i don't think that glenn beck has as much an obligation to tell the truth as an elected member of our legislature. anyone who is elected to off

he's got richard shelby aboard. >> well you don't rub somebody's nose in the dirt. be magnanimous.e handled it very well all the way around. chris, that's not him. i remember gerald ford's friend asked me, should he go after the media as agnew did. i said no, he can't do it, he won't do it. it's not him. he won't follow through. barack obama is what you saw up there today. >> my question is this -- it's an american question. it's totally logical. it's the same question we asked after 9/11. after all the precautions, after all the homeland security, fighting terrorism and all that stuff, could it happen again, exactly the same way it happened where the guy's coming down from portland, maine, same four guys getting on the plane. what's it stop it this time? what's to stop the masters of the universe from coming up with some new gizmo, some weird scheme and doesn't it all over again? >> it could happen again. suppose you had the eu, spain and italy, gone just as greece did. the banks would start down and if jp morgan, we would go in and rescue jp morgan. >> because? >> because if they

moderator david gregory talked with senator chris dodd of connecticut and republican senator richard shelby we have more work> a to do. we'll be meeting later today to talk about it. we're not there yet. i would hope we could get the votes tomorrow. >> i think we're closer than we've ever been, and will we get a bill by tomorrow? i doubt it. i would always hope so because there's so much involved. but i think we will get a bill if the democrats want a bill and will give us some things that we think that are substantive in nature. >> and you can watch the entire interview later today at 2:00 p.m. eastern right here on "msnbc sunday." >>> this tuesday, goldman sachs' ceo lloyd blankfein is headed to capitol hill where he'll be grilled by a senate subcommittee about his firm's role in the mortgage crisis. he'll be asked about a series of e-mails just made public by the subcommittee which show goldman sachs executives talking about the money they were making while the mortgage market was collapsing. jeff rossen joins me live with more. good morning. >> good morning to you. the internal e-mails

. >> ifill: in return republican richard shelby said that despite the disagreements a deal is very close. >> i think we will get a bill if the democrats want a bill and will give us some things that we think that are substantive in nature like make the "too big to fail" send a message that nothing is too big to fail in this country and tighten up the language and some flexibility in the language there that we're talking about. >> but this is inches you're talking about. >> inches sometimes are miles. i'm hoping there are half inches. >> ifill: public opinion seems to lead in the democrats' favor. a new "washington post"/abc news poll showed about two thirds of those surveyed support stricter regulations. at the white house, spokesman robert gibbs said ultimately the bill's opponents will have to give way. >> i think in the end we're going to get a bipartisan vote because i think the position they're in right now is just simply untenable. >> ifill: any bill that does emerge from the senate will have to be combined with a separate measure that has already pass the house. the remaining stic

why is -- why is shelby, richard shelby, sticking to his guns on this?hy is corker sticking to his guns? why do all of these members of congress from middle of the road states like indiana defending wall street? >> parties have dna and the dna strands are made of history, of special interest support, of campaign contributions and of course wall street gives to both sides. >> i used a reference on friday to explain they both benefit from taking money from wall street. the mothers milk of politics. all that money. they both take money from wall street. why do the republicans deliver? >> you know, the thing is wall street knows that. wall street knows that the republicans will basically deliver and democrats basically won't. they have to hedge their bets. they hedged their bets on the housing market. they have to hedge their bets on politics. >> did you see the numbers the guys are collecting on the hill? i was watching over the weekend with david gregory. amazing amount of money going into hands of the political parties including ranking members on banking

interesting footnote in the hallway senator richard shelby who you showed as one of the biggest recipientsf goldman money also said he would not return the money. he was surprised $35,000, that's all they gave me? >> as far as blanche lincoln is concerned she is enemy number one on wall street right now. she is proposing the most radical legislation especially on credit drive tivtion. far more red cal than the white house was initially couldn't plating. >> not money well spent is what you're saying? >> jessica yellin, chris freeland and dana bash. >>> a man with a quarter century of experience trying to find a path to peace in the middle east and now says u.s. hopes for the deal are based on the wrong assumptions. bls [ female announcer ] it's red lobster's festival of shrimp... a chance to get everyone together for a night where everyone gets just what they want. combine two or three favorites, from new creations like crab-stuffed shrimp and pecan-crusted shrimp to classics like decadent shrimp scampi. it's everything you want in a night out. starting at just $11.99, during the festival o

i just pointed out, we've had a lot of people in this country who have gotten out of parties, richard shelby, the ranking republican on the banking committee is taking a regulation, was a democrat until the republicans took over the senate in 1994. we have had two men in american history who voted four times for franklin roosevelt and once for harry truman for president, one was harry truman, the other ronald reagan who switched parties. >> woodruff: well, marco rubio who now has the republican primary all to himself, or the republican nomination, david, is one of the few republicans in the country who is criticizing that arizona anti-immigration law. and now you see the democrats in washington coming up with an immigration reform bill, they rolled it out yesterday. what are the prospects, seriously, for immigration reform? >> i think really grim. chuck schumer has been pushing this issue. he wanted president obama to do it right away, chuk schumer, the senator from new york. he's head of the committee. and he's pushing hard. and i think he's sincere, he has been doing it for so long. noneth

and richard shelby says we're 85% close to a deal. and the democrats are also saying we're close. in that environment, i think the president is more confident and doesn't feel like he needs to hit them quite as hard. >> would he rather have about a handful of republicans with him and be a real teddy roosevelt or have 15, 20 with him and look like he's a little softer? john, your assessment? what do you think they'd like to see more 75 votes or maybe 63 and make it a little tougher? >> i think that the -- it depends on what bill they -- the larger group would sign onto. he knows he's got the whip hand in this debate right now. he's got the strongest position. so he can hold tough on some the controversial elements and they'll come along. he only got five for a tough bill, i think he would take that, but if the whole rest of the crew wants to sign on board and have a consensus bill, i think he'll say, i made them take it. what republicans are going to say, by the the way, chris. we stood up against bailouts. we protected the fraip that. >> thank you very much, john harwood. thank yo

it likes like people like richard shelby are saying, give us a couple of weeks to work it out. do they want to cooperate with a strong bill with teeth in it? or do they want to water it down and then go on board? >> mitch mcconnell, senator mcconnell, went up to wall street about two weeks ago, huddled in the back rooms with the big wall street bankers. came back and aposed the bill. so it was pretty clear they wanted to put the brakes on this legislation. but harry reid -- >> you think there's a cassality between that meeting and the position that mitch mcconnell had? >> i think he wanted to kill the bill to begin with. >> you and some of the viewers may think this is obvious, but i would like to hear it spelled out. both parties take money from wall street. most democrats and politicians do have friends on wall street. they're very educated guys up there, like them or not, they're very smart people and some of them are pretty social. they've got a lot of money and they're very political. so you get a lot of money from wall street as cham of the party, the other guys get money

and of course i want to thank richard shelby. he and i, as he points out, have been working together over the last 37 months during my stewardship of the banking committee that i inherited in january of 2007. i noted the other day there's some 42 measures that have been brought out of our committee. 37 of them have become the law of the land. this is a good result. we're now on the bill which the american people want us to be on. this is an important issue. we had the headlines of the hearings here yesterday involving mortgage deals; the other headline about greece and its debt, its bonds were sinking, causing economic problems in europe, potentially here. these problems are huge, mr. president. and as senator shelby has said and i've said over and over again, that is complex area of law we're talking about. and it has to be gotten right. we've had very good conversations on a number of issues going back over many, many weeks. we both shared that we again have institution that is become too big to fail with the implicit guarantee

richard shelby of alabama said "i do not believe we will have a deal today" although, he says the two sides have setup a meeting for early afternoon. shelby also says ultimately measure will be passed because both republicans and democrats understand the agitation among voters for something to be done a among high risk business practices. the senate will be in for an hour of morning business and then begins consideration of the overall. it is always live on c-span2 television and radio. president obama is appealing to the n n n n n n n n n n n n n n. [no audio] and voters who helped propel mr. obama to the white house. the u.s. treasury department is saying that its first sales of citigroup stock will cover up to 1.5 billion shares, amounting -- the treasury department receive their shares as compensation for the mass of support it gave citigroup during the height of the financial crisis. on the 24th anniversary of the world's worst a atomic accident, you -- ukraine's president is warning that the chernobyl nuclear reactor is still a serious threat to europe. servia or health problems

senator chris dodd and richard shelby are expected to continue to talk today on the bill. >> he always seems to be a man that voted his conscious. >> as he did earlier in the health care conference. >> yeah. the nebraska kickback. he's the trouble. i don't know. this whoelg thing right now, we'll see. i have the feeling, and i could be wrong, but the way that health care was handled, that emboldened democrats. we'll see whether republicans decide, look, we leld the line here and we're going to want some things different in this bill. >> it's tricky. >> i read on the huffington post, this increases the chances for a stricter financial regulatory bill. i don't know how -- >> i don't know how they -- >> and they have a picture of every republican that voted against it. they've got all of them, in case you see them at the mall, you can throw a tomato at them. i understand we're all fresh off the financial crisis, but i have a feeling if you let go overboard on something, they're going to screw it up. and if i get the first blue commission meeting today -- >> but you're not saying this will

over the past two months, gop senator richard shelby has far surpassed harry reid in terms of donations from the wall street folks. the "wall street journal" reports that he has received more than a quarter of a million dollars from wall street donors and he's not the only republican on the money train. so can we trust anybody in washington to actually crack down on wall street and do we want them to do that in the first place? mary ann marsh is democratic strategist, and jonah goldberg is editor at large for the national review. jonah, i look at this and say they all take the money, that's where the money is, wall street, so when i listen to anybody being santimonious, i roll my eyes. am i not alone? >> you're not alone. i consider the subject to of -- to be a pinata of hypocrisy, you can bash it any way and get rewards but the lion's share has to go on the democrats' share, they've been bashing republicans as the party of wall street for years, if not generations. they are the party of wall street these days. obama and the democrats took in vastly more money, not just from goldman sac

. >> both sides say they are close to it a deal, but in the words of republican senator richard shelby bottom submarine is trying to stop a big oil leak in the gulf of mexico. 42,000 gallons of oil a day are leaking from the wellhead of the oil rig that exploded and sank off the coast of louisiana last week. if the sub can't get close must have to the valves to close that well, it could take months to stop the leak. >>> a senate hearing will be held tomorrow on that deadly west virginia mine explosion. yesterday the president attended a memorial service for the victims. ♪ i'm going to let it shine >> the president traveled to beckley, west virginia to meet with victims' family members. he said the 29 victims dealt with the hardship of working in a coal mine to provide for their families. >> for a chance to give their kids opportunities that they would never know and enjoy retirement with their spouses. it was all in the hopes of something better. and so these miners lived as they died in pursuit of the american dream. >> the president promised he'd work to improve mine safety. >>> the

and of course i want to thank richard shelby. he and i, as he points out, have been working together over the last 37 months during my stewardship of the banking committee that i inherited in january of 2007. i noted the other day there's some 42 measures that have been brought out of our committee. 37 of them have become the law of the land. this is a good result. we're now on the bill which the american people want us to be on. this is an important issue. we had the headlines of the hearings here yesterday involving mortgage deals; the other headline about greece and its debt, its bonds were sinking, causing economic problems in europe, potentially here. these problems are huge, mr. president. and as senator shelby has said and i've said over and over again, that is complex area of law we're talking about. and it has to be gotten right. we've had very good conversations on a number of issues going back over many, many weeks. we both shared that we again have institution that is become too big to fail with the implicit guarantee

let me briefly say, first of all, my thanks to richard shelby, my colleague from alabama. for many, many months, going back more than a year, actually -- we have been working together now on this committee for some time, but over the last 38 or 39 months that i have been privileged to be chairman of the committee, we have sat next to each other and there are some 42 legislative proposals that have come out of the banking committee in the last 38 months. i think 37 of them are now the law of the land, on a wide range of issues, including things like flood control but also dealing with issues dealing with our port securities, with risk insurance, with housing issues, credit cards, all sorts of issues that our banking committee has wrestled with in the midst of the worst economic crisis since the great depression. so before another word is said, before another amendment is filed or another motion made, let me say thank you to richard shelby and my other members of the committee for the cooperation and the work we have done together on that committee. very few votes have occur

i left a press conference with several republicans takeovers including senator richard shelby who verymuch to seemed -- said he was optimistic a deal would be forthcoming and was unable to give a time limit, but we are expecting maybe something can be announced by the end of the week or perhaps early next week. >> looking at other news reports optimism seems to be the key word and so what are the key issues that are being negotiated? >> it's interesting, a few weeks if not months ago the big sticking point was how the consumer protection agency, judging by the rhetoric won it seems that members have worked that issue out and right now we're getting down to technical changes and perhaps the big sticking point is this issue of what to do with a $50 billion account as senator dodd and with bill would create that would bail out banks that were heading toward bankruptcy, this would be an account banks would have to pay into and this would be a way to wind them down. it's become the most controversial provision and the last week or so and that's definitely a hot topic on the hill and. >> is

committee, met for several months with the republican senator who ranks number one on that committee, richard shelby of alabama, and they couldn't reach an agreement. so senator dodd then said, i'll meet with is that right corker of tennessee, also on the committee, and sadly that didn't result in an agreement either. and then senator dodd said, let's have a hearing and let's nut bill right on the table and let people offer -- let's put this bill right on the table and let people offer amendments to it. the republicans prepared over 400 amendments to this bill, and when senator dodd called the hearing, they refused to call a single one of them, not one of them, to be put on this bill or voted on. so the bill comes to the floor in that situation and the republicans refuse to let us move forward. that's because urn the senate rules, you need 60 votes. we only have 59 on a good day here and we clearly need republican help to move this bill forward. they have decided as a party caucus to stand by wall street and to stand against reform. i don't understand it. i can't imagine that they are hearing anythi

"meet the press" guests include christopher dodd and richard shelby. on "this week," jake tapper will talk with austin goolsby, and sherrod brown from ohio and tennessee republican bob corker. "fox news sunday" guests include mitch mcconnell and the cochairs of the commission on fiscal responsibility and reform. on "state of the union," saxby chambliss and robert menendez. listen to all five talk shows startnig at noon eastern on c- span radio, nationwide on xm satellite radio, channel 132. follow us on facebook and twitter. >> one thing i want to say is the solution has to come from the bottom up. the government can't be in the position of telling people to do things in their homes. that doesn't work. it will require all of us working together. the government, business leaders, students, everyone has to come together. when we think about the federal government when it comes to school lunches, the child lunch reauthorization act is one way the government supports, and we hope to get more money put into implementing that act so we change the food you ge

we will have to watch chris dodd and richard shelby, so they can get something this thing might failn a food fight on the senate floor. host: "banks faltering, rules fighting." thank you so much this morning for your time. two leaders said they talked about in following the meeting, we will bring you that coverage. we have 20 minutes left to take your calls on this question. do you do your own taxes? why or why not? it is the cover story in "usa today." more folks going alone for a variety of reasons. jackie, you for waiting. caller: good morning. i do prepare my own taxes, but i also work for one of those leading companies. there has been a dramatic drop in business over the last couple of years because people are using their n taxes and using the term of tax, accessing the online help. host: what is your sense of why? is it the ease of it? the cost? caller: sometimes they come in and see how easy it appears to be for the preparer, so after that they will try to do their own. but where we are in illinois, we can prepare a return for less than $45. we do offer great discounts for our

i certainly support that effort by richard shelby and chairman dodd. i encourage that effort. but those negotiations will not be meaningful unless we demand here on the senate floor that they be meaningful and demand that a bill moving to the senate floor is true reform and a bipartisan approach. i urge that approach, mr. president. i enthusiastically support that approach. thank you, mr. president. i yield the floor. mr. durbin: mr. president? the presiding officer: the senator from illinois is recognized. mr. durbin: mr. president, in about one hour the senate will convene for a vote. it's one of the few times this week that the senate comes together. those who are following our proceedings will see senators from all over the united states gather on the floor of the united states senate. that gathering will be for a critical vote as to whether the republican filibuster on wall street reform will continue or end. this will be the third time this week we have given the republicans an opportunity to join us in a bipartisan effort to bring real reform to wall street and the big