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Financial Reform Clears House: Lawmakers React

The U.S. House of Representatives on Wednesday passed a sweeping overhaul of financial regulations, but the bill will face hurdles when it reaches the Senate floor in mid-July. Lawmakers from both sides of the aisle shared their views, opinions and reactions with CNBC Thursday morning.

“Nothing happens here until it happens, but I’m pretty sure this is going to become law.”
- Sen. Bob Corker, R-Tenn.

“We’ve had an unfettered, exaggeration of activity on Wall Street that exacerbated our economy that we came that close to melting down…We have committed ourselves that this shall never happen again, and as a result we’ve put into this bill the Too Big to Fail amendment.”
- Rep. Paul Kanjorski, D-Pa.

“There’s a very popular idea to reign in Wall Street, but this bill really reigns in Main Street. I think Wall Street and the big banking systems are going to be able to absorb the additional requirements, but...(parts of the bill will) cause some serious problems in the economy and are going to hurt small businesses and community banks.”
- Sen. Johnny Isakson, R-Ga.

“This is a lot more spending, it’s a lot more government, it’s going to lead to a tremendous contraction of credit over the next 18 months…and that will cost us jobs.”
- Sen. Judd Gregg, R-N.H.

“We should have commercial banks in the commercial banking business guaranteed by the FDIC, guaranteed by the taxpayers, and then if people want to engage in the more risky investment banking thing, which I’m totally for and totally support, they should be doing that separately. So that’s my main concern with the bill.”
- Sen. Ted Kaufman, D-Del

“We’re forgetting about the GSEs – Fannie Mae and Freddie Mac – one of the biggest problems out there, one of the root causes of this, costing tax payers hundreds of billions of dollars. We miss all of that, and we perpetuate the bailout mentality.”
- Rep. Scott Garrett, R-N.J.