GOP Sees Political Advantage Opposing Banking Bill

WASHINGTON (AP) - Cast in this discussion, as major banks against big government.

Despite the long-term public anger at Wall Street, most Congressional Republicans against the tough financial regulations that Congress is expected to send to President Barack Obama this week.

That the GOP is betting that the bill's ambitious goals will be lost on voters, and instead feed the pre-election year history that the Democrats stand for bigger, more intrusive government.

Republicans are throwing up procedural roadblock in the final bill on Thursday. The sweeping regulatory overhaul is expected to make it through the Senate with at least 60 votes. Only three Republicans have expressed their support.

Not too long ago, senators of both parties to imagine a bill is broad bipartisan support that is reflected in an agreement that the financial sector is necessary to set new rules. These days, though, Republicans liken Obama's legislation on health care legislation and the $ 862 billion economic stimulus package - two initiatives that do not gather public support.

"There is fatigue on the part of the American people with what they see as too aggressive power grab is so many different fronts," said Sen. John Cornyn of Texas, head of the national Republican senatorial committee.

The bill still bears the fingerprints. U.S. Senate Banking Committee Chairman Chris Dodd negotiate several key provisions in the committee Republicans, including Richard Shelby of Alabama and Bob corker in Tennessee. Not, however, intends to vote for the bill.

Corker, in an interview, said he saw no political downside to vote against the bill.

"The rage that they have about Wall Street still does not exist - if they have it, he said. "And now they will be strongly discouraged, to lose hope, even our ability to deal with the problems that created the problem, because we do not do that in this bill."

Only three Republicans voted for the bill last month in the House of Representatives. The Senate, Olympia Snowe and Susan Collins of Maine and Scott Brown in Massachusetts only Republicans declare their support.

"The others must explain why they do not want us to move forward with financial, regulatory reform," Sen. Dick Durbin, D-negative, said Wednesday. "They need to explain why they want to stand for the status quo, to leave the laws as written, and run the risk of another recession, and one day leading millions of people lose their jobs and businesses is wrong."

Wednesday, Republican Sen. Charles Grassley of Iowa, who voted for the Senate version of the bill in May, said that against the final legislation. He said Senate negotiations last month with the provisions of the House of diluted, he defended, including restrictions on certain trades of securities by banks and the choice of risk rating agencies.

The 2.300-page legislation is complex, far-reaching piece of lawmaking, that has unfolded and the public's attention is fixed more on the economy, the Persian Gulf oil spill, even in the old Russian spy exchange.

In that environment, both parties are trying to fashion a simple selling point.

Democrats' line: The bill reins large banks and protect consumers.

Republicans "bill to tighten government, and it does not help create jobs.

Republican operative complexity of the bill believe gives them an advantage.

"This bill is, most Americans thought, just a big amoeba," said John Feehery, a Washington-based GOP strategist. "As this bill is so complicated, it makes it easier for the Republicans against it, and opposite it, call it a job killer."

While the transition to a sign that Obama is a major achievement, even Dodd concedes, that the public should be convinced that it is working for the benefit of average Americans. Dodd is an anxiety that the banking bill may follow the path of health, which he will have a long-term benefits, but has become a short-term liability.

"We have a marketing job to explain what we did, come out and talk about it, not only the political context, however, why it is valuable," he said.