GOP seems to soften on financial reform

WASHINGTON, April 20 (UPI) -- Republicans Tuesday seemed to soften opposition to a financial reform bill, with Senate GOP Leader Mitch McConnell, R-Ky., saying bipartisan talks have resumed.

McConnell and other Republican leaders have opposed the measure, saying it provides for "endless bailouts" of failed financial institutions, even though Democrats note the measure specifically bans bailouts. McConnell Tuesday said "both parties agree on this point: no bailouts. In my view, that's a pretty good start."

Speaking on the floor of the Senate, McConnell said he was "heartened to hear that bipartisan talks have resumed in earnest" on the legislation, The Washington Post reported. McConnell has also urged lawmakers to get past "personal attacks and questioning each others' motives" and work on "fixing the problems in this bill," the newspaper said.

"I'm convinced now that there is a new element of seriousness attached to this, rather than just trying to score political points," he said.

Senate Majority Leader Harry Reid, D- Nev., said in a statement Democrats "don't stand in the way of" more negotiations.

Reid told reporters Democrats are willing to negotiate with Republicans on what has become a contentious feature of the bill -- a $50 billion fund to be contributed by financial institutions and to be used to cover so-called burial costs for institutions that fail.