and this man's picture-- chris dodd, chair of the senate banking committee-- will be in the history books. >> this is a major undertaking, one that is historic in its proportions, that will set in place a structure that will allow us to minimize the problems in the future. >> reporter: and this senator's picture might also be there. history will show whether republicans like richard shelby were right to warn the bill will cut off credit when the economy needed it most. >> this bill, i believe, is a job killer and will saddle americans with billions of dollars in hidden taxes and fees. >> reporter: the dodd-frank bill changes the way wall street does business, limiting risky trading, bringing more transparency and oversight to complex financial contracts known as derivatives. it also empowers regulators to step in earlier, to close down failing banks, and to police risk across the entire financial system. consumer activist travis plunkett says the new consumer financial protection bureau will become a household name. >> they're going to be out there stopping scams, stopping abusive practic

chris dodd, democratic chairman of the senate banking committee praises the land mark reform. >> this is a major undertaking. one that is historic in its proportions that is an attempt to set in place the structure that will allow us to minimize the problems in the future. >> richard shelby, the senior republican on the banking committee thinks differently. >> it creates vast new bureaucracy with little accountability and seriously, i believe underminds the competitiveness of the american economy. >> wall street has been under a cloud of uncertainty for about three years. does the dodd, frank financial overhaul dispel that cloud? >> no, it doesn't, john. they didn't deal with too big to fail. they didn't really get the casinos out of the banks. they got an enormous number of new regulations. the thing is half the size of the king james bible. it is confusing. businesses are upset about it. it's on core with obama care. it's online with that, which is a gigantic increase in the power and control of government and i don't think people think it's going to do anything good. >> how many ne

chairman barnie frank and chairman chris dodd did a masterful job of orchestrating the legislation. and we had to work again with our colleagues here to have legislation that they all could support, that addressed the concerns of their constituents. and the taxpayers. >> now a couple of weeks ago someone in his administration talked about, you know, that the house or senate could be lost in the november election. if you talk to republican leaders they say as many as 100 house seats are in play. what do you think when you hear those things? >> i think let the republicans think that. let them think a hundred seats are in play. i feel very confident that we'll have a democratic majority come november. >> bonnie: what makes you think that? your individual polling in each district or... . >> we win the house of representatives one district at a time and our members are the best communicators with their constituents. they know their hopes, their dreams, their aspirations in a very specific way. most people are in congress not because of some national interest but because-- national issue

. >> for the last year, charm barney frank and chris dodd have [ bleep ] day and night. >> jimmy: we got a good show for you tonight. from the miami heat, dwyane wade is here. we have music from keane. and we'll be right back with wilmer valderrama, so stick around. my "me time" is when i thought i parked on level 2. or maybe 8? my me time...is when everybody's takin' shots at me. [ male announcer ] discover you time anytime. mccafé your day with a mcdonald's frappé. smooth and icy caramel or mocha blended just for you and topped with a decadent drizzle. like the new double bacon & cheese omelet sandwich! they're all new. toasty, tasty, and made to your order. so come and build your better breakfast today, at subway! as in strawberries, ] new blackberries,oothies from mccafé are real fruit, blueberries, and bananas, which makes them really delicious. ♪ that's what we're made of. ♪ >> jimmy: hello, again, friends. with us tonight, the organizer of the lebron james/chris bosh heist. from the miami heat, dwyane wade is here. then later, a terrific band. this is their new album, i

and then to have charlie rangel, we had chris dodd, sweetheart deals, we had, the country wide issue, and look, republicans have had their scandals as well. but now the democrats happen to be in power, right, you have to -- you focus on the republican scanle dalscandals. when charlie rangel was an important figure in the u.s. house of representatives, and very likely guilty of a number of fraudulent actions. oh, mark, come on. this is not even, passing the straight-faced test. nobody is convicting him of anything. this is an ethics investigation, going on for years. everybody in washington know as but charlie rangel. okay, it is going to continue to never have any resolution oh kay. >> i don't want to trade in hearsay here. no one on the left or right has the market cornered on corruption. anyone who declares by putting -- we're talking about the democrats. republicans are not in charge. >> laura, laura, laura, laura -- if you stop talking over me. i am conceding the point. agreeing with you. a mistake for democrats to say -- i know you hate agreement -- for democrats to come into pow

but that's a pretty big declaration to make then to have charlie rangel, we had chris dodd and the sweetheart deals. we had the countrywide issue. look, republicans have had their scandals as well, but now the democrats happen to be in power, right? so you have to, you know, you focus on the republican scandals, larry, but when charlie rangel was a very important figure in the u.s. house of representatives, and very likely guilty of a number of fraudulent actions. oh, mark, come on. mark is not even passing the straight-faced test. nobody is convicting him of anything. this is an ethics investigation, going on for years. everybody in washington know as but charlie rangel. okay, it is going to continue to never have any resolution, okay. >> i don't want to trade in hearsay here. no one on the left or right has the market cornered on corruption. there are corrupt republicans and corrupt democrats. anyone who declares by putting -- >> we're talking about him now. the republicans are not in charge -- >> laura, laura, laura, laura -- if you stop talking over me. i am conceding the point. agreeing

. >> woodruff: democrats-- led by senator chris dodd of connecticut and congressman barney frank of massachusetts-- pushed the bill to passage. but republicans stayed away from the signing ceremony and remained skeptical. senate minority leader mitch mcconnell said today the new law is bad for small business. >> when you cut through all the talking points about what financial regulation will do, the practical, real-world effect of this bill in the near term will be job loss. that's the real story here. for more than a year and a half, the president and his democrat allies on capitol hill have pushed an anti-business, anti- jobs agenda on the american people in the form of one massive government intrusion after another. >> woodruff: among other things, the new law will give the government new power to break up firms that pose a major risk to the economy; bring the complex financial transactions known as derivatives under federal regulation and create a consumer financial protection agency under the federal reserve. this afternoon, a white house spokesman said there's no decision yet on who would l

. >> woodruff: democrats-- led by senator chris dodd of connecticut and congressman barney frank of massachusetts-- pushed the bill to passage. but republicans stayed away from the signing ceremony and remained skeptical. senate minority leader mitch mcconnell said today the new law is bad for small business. >> when you cut through all the talking points about what financial regulation will do, the practical, real-world effect of this bill in the near term will be job loss. that's the real story here. for more than a year and a half, the president and his democrat allies on capitol hill have pushed an anti-business, anti- jobs agenda on the american people in the form of one massive government intrusion after another. >> woodruff: among other things, the new law will give e government new power to break up firms that pose a major risk to the economy; bring the complex financial transactions known as derivatives under federal regulation and create a consumer financial protection agency under the federal reserve. this afternoon, a white house spokesman said there's no decision yet on who would lea

last week chris dodd said he does not know she is possible to confirm. the white house said that she is. we will have to see. host: what did the white house press secretary said yesterday? guest: that should be a very good director, and bill white house stands behind her. but is not going the extra step to said it will nominate her. they have a small group they are still looking at. host: what was elizabeth's coast doing on the west coast over the weekend? guest: she gave a speech to liberal loggers and a bunch of democrats in las vegas. the question is whether her cult following will play out for more mainstream lawmakers and the public. host: we're talking about the new consumer protection agency. jim, independent line front of passover, texas. -- el paso, texas. caller: [unintelligible] i have a small business. there was the american recovery act that was supposed to help small businesses with bonds. i found out from my local banker that myself and 49 other applicants got turned down for this almost-guaranteed loan. i think it is just rhetoric, public

caller: she will have more authority than barney frank or chris dodd? who just about destroyed our economy with the housing industry and their policies? i giving loans to people they could not pay them back? i do not see it. she might be a good person, but this is just going to be another agency, there are 1000 different agencies right now that the federal government has, most of them are redundant, they do not communicate with each other and do not know what they do. this is just another part. we need to get back to the constitution and do away with all of this mumbo jumbo from this administration. especially this administration. host: bob, republican line. caller: i think that she would make an excellent choice and it is refreshing this morning to see that so many of callers are in agreement on this on both sides of the fence. host: you are a republican who has voted for republicans, you are hearing from republicans in papers this morning saying that they do not want someone who is an activist, a zealot. caller: i do not agree with them. i am taking a

. >> i think we were initially have the disease got down, but of course he voted for chris dodd, like -- we were initially happy to have chris brown. you said he led the fight here. this is fascinating. you have ended up on the losing side of so many fights. john, you and i know rahm emanuel was in harry reid office writing that bill as it was being debated. even the network anchors would have been forced to report the story. we could have defeated that bill. john mccain has lead in losing fights. we don't need a last line of defense. we need a first line and advocacy for the state of arizona. >> groucho marx said, you can believe him or you can believe your own eyes. providing the men and women with the equipment training they need to win, to stand up against obama care, to stand up against my on party when spending got out of control, standing up and fighting on the floor of the united states senate, and accomplishing a record that i am very, very proud of. >> mr. deacon. >> cents a congressman brought up rahm emanuel, he co-sponsored a bill with rahm emanuel, the president's right-

i do not think that is the view that chris dodd takes. they have pretty significant differences on the consumer protection piece of the bill and other areas where it was unbridgeable. nonetheless, richard shelby -- this has been his argument for a couple weeks -- that there could have been a bill that would have gotten 80 votes. it would of been more bipartisan. there was a time when we thought this would be the one issue where this would be bipartisan support. it did not turn out that way. dick shelby is the one who has been boasting that most frequently lately -- voicing that most frequently lately. he held up that hope. >> what is next for the administration or democrats in congress in terms of financial legislation of any kind? what is on their radar screen? >> they are looking toward housing, housing policy, and looking at fannie mae and freddie mac. the two housing giants that were not dealt with in this bill. you have the deputy treasury secretary alluded to an upcoming -- to fix those two agencies. that is something that republica

senators chris dodd and richard shelby. the senate judiciary committee votes on the supreme court nomination of elena kagan next thursday. members were scheduled to consider the nomination this week, but committee republicans asked for a week's delay. live coverage on c-span 3 at 10:00 a.m. eastern. . . >> good morning, everybody. we have been advised by the floor that there will be of vote on financial reform legislation. so while we are awaiting the arrival of lisa jackson, i am going to move ahead with the hearing. we are so pleased that dr. barry robinson is here from noaa. when he concludes, hopefully ms. jackson is here. if not, we will go forward to hearing our very able administrator from epa, whom i traveled to the golf with. this hearing will mel come to order. it is the official hearing of the commerce -- in this hearing will come to order. the purpose of the hearing is to determine what is it that we dispersants.is perso what is the impact is having on people, on real life, and on communities. what do we know it

it is a bill that was made possible by the tireless efforts of chairman chris dodd and congressmen and chairman barney frank. as well as the leadership of harry reid and nancy pelosi. i am extraordinarily grateful for their determination in the face of a massive lobbying effort from the financial industry and i am also grateful to all these members of congress to step on the side of reform, including three republican senators who put politics aside to vote for this bill. the financial industry is so central to our nation's ability to grow and to prosper and to compete and innovate. this reform will foster that innovation and not hamper. it is designed to make sure that everybody follows the same set of rules, so that firms compete on price and quality, not contracts. a command account -- accountability and responsibility. it provides r&d to everyone from bankers to farmers to business owners to consumers. unless your business won't -- a model depends on cutting corners, you have nothing to fear from this reform. for all those americans who are wondering what wall street reform means fo

it was the objection of people like chris dodd and others who blocked that. barney frank, the current chairman of the senate finance committee -- these are good men, but sometimes will make wrong decisions. really find out about its on monday morning when we see the consequences. host: a couple of stories about the fall campaign in newspapers. president obama steps up money chase, eight fund-raisers in two weeks. related to that, democrats set to spend millions on ads. the democrat said on wednesday they're prepared to spend $49 million on television ads during the final weeks of the midterm elections. later in the story it says there's the two to one edge over republicans and raising cash. what does this say to you? guest: to me it says the democratic party, even though all the polls would suggest that they will lose their majority, at least in the house, and seven or eight seats in the senate, november 2, they will not roll over and play dead. they are anything but dumb. they're rather shrewd. they do a good job of raising money. this will be a battle royal

for the last year chairman barney frank and chris dodd have worked day and night -- [cheers and applause] [cheers and applause] [cheers and applause] >> barney and chris have worked day and night to bring about this reform. and i am profoundly grateful to them. i would be remiss if i didn't also express my appreciation to senator harry reid and speaker nancy pelosi. for their leadership. it wouldn't have happened without them. [applause] >> you know, passing this bill was no easy task. to get there we had to overcome the furious lobbying of an array of powerful interest groups. and a partisan minority determined to block change. so the members who are here today, both on the stage and on in the audience, they have done a great service in devoting so much time and expertise to this effort. to looking out for the public interests and not the special interests. and -- [applause] and i also want to thank the three republican senators who put partisanship aside and voted for reform. we're grateful to them. [applause] and the republican house members, good to see you, joe. now, let's put this

for the last year, chairman barney frank and chris dodd have worked day and night -- [applause] barney and chris have worked day and night to bring about this reform. and i am profoundly grateful to them. i would be remiss if they did not also express my appreciation to senator harry reid and speaker nancy pelosi for their leadership. it would not have happened without them. passing this bill was no easy task. to get there, we had to overcome the furious lobbying of an array of powerful interest groups and a partisan minority determined to block change. so the members who are here today, both on the stage and in the audience, they have done a great service in devoting so much time and expertise to this effort, to looking out for the public interest and not the special interest. [applause] and i also want to thank the three republican senators who put partisanship aside, judge this bill on the merits, and voted for reform. we are grateful to them. and the republican house members. good to see you, joe. [applause] let's put this in perspective. the fact is, the financial industry is cent

. >> we were initially happen for chris brown. he voted on dodd's bill. now john, you said you led the fight. this is fascinating. you've ended up on the losing sight of so many fights. you said to read the bill will only delay the passage. rahm emanuel was in harry reid's office as it was being debated if they had to come down and have it incomplete with gavel to gavel coverage even the network anchors would have been forced to report the story. we could have defeated the bill. that's the biggest difference. john mccain has led in losing fights. we don't need a last line of defense. we need a first line of advocacy for arizona and to take up conserve tiff causes. >> -- conservative causes. >> groucho mark said, you can lead the fight. providing the men and women with the equipment and training that they need to win. to stand up against obama care. to stand up against my own president when spending got out of control when he wouldn't increase the troops in iraq. standing up and fighting on the floor of the united states senate and accomplishing the record