Hoyer Discusses the Progress on Financial Regulatory Reform Legislation on CNBC

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... it was profitable. that's causing stock to be up a bit. after a three-day senate standoff, the senate agreed to move the wall street reform bill to the floor. the breakthrough came when democrats agreed to drop the proposed $50 billion fund to break out large failing financial companies. here now with congressional reaction, house majority leader steny hoyer. great to see you, leader hoyer. >> good to be with you. thank. >> we have governor corzine. >> good morning, jon. good to be with you, too. >> good to see you again. >> can you give us your side's take on this drama over the past week. we're out here watching this stuff. it just after health care and now this, it's not pretty. more sausage. not made in a pretty way. >> that's probably always been the case with respect to legislation as has been observed. i think what you saw happening here republicans when we passed the wall street reform bill through the house of representatives unanimously opposed it. but what's happened is two-thirds of the american public believes in effect that we need to put the referee on the field and make sure that those folks who have caused us extraordinarily financial loss in this country and put millions of people out of work and cost the taxpayers a lot of money which hopefully most of which we'll get back but not withstanding that we need to put the referee back on the field. the american public believes that. the senators on the republican side have been prohibiting the so-called greatest deliberative body from deliberating on this issue and now they've decided because in my opinion a number of their members were about to break ranks because they understood the public believed we ought to move forward on this legislation, the republicans have decided to move forward and allow consideration of the bill. we'll see what happens during the course of the debate. i think we'll pass this piece of legislation with the senate. we'll have a conference report. we'll come out with a strong bill that make sure that consumers are protected and that we regulate the financial industry so that we don't again face this crisis that required us to step in. >> do you think, leader hoyer, there was any linkage between health care and sort of what we saw over the last week? you remember when scott brown was elected and you lost the supermajority, republicans thought they had some power to maybe do something about health care. then you sort ofavoided needing 0 votes. you are stuck with 59. they could stop it if they would. >> i think there are senators on the republican side are feeling the heat from the public that said, look, we know that the thing went wrong and regulators said we don't need to oversee and obviously we did. therefore i think the republicans were going to very soon lose that 41 votes they had and i think they knew that and i think they decided to move forward. >> they will still want to extract something and be able to claim that they got the bill they wanted. >> i think that they will have their input and offer amendments. that's the legislative process. i'm sure they'll have ideas worth attention and have merit. it's interesting. one of the things that they say they got was the obama administration's position with respect to the resolution fund being collected after the fact rather than before the fact. they tried to say that was a bailout. clearly it was not. it was just the opposite. it was a fund to make sure that we could put businesses in a considered way, at least harmful way out of business if they fell so republicans are now saying what we got was obama administration's position that we will collect funds after the. i really think honestly what happened was they were about to lose a number of their members who said, look, the public wants to move forward. we've said that we'll hold with you for a while but we're going to want to move forward as well with the public. >> first of all, you're watching a pro. a guy that actually knows how to get these things done as well as anybody ever does. >> thank you very much. >> the fact is he's probably described exactly what's going to happen better than anybody could verbalize it. there is no way you can stand in front of the need to see some kind of broad robust reform and that's going to work its way through and it's going to happen in the next couple weeks and i ...