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Stock and pension holders,had the least to say in the process. and that has to change. [ applause ] let me close by saying this. i have laid out a set of wall street reforms. these are reforms that will put an end to taxpayer bailouts, that would bring complex financial dealings out of the shadows, that would protect consumers and that would give shareholders more power in the financial system. but let's face it, we also need reform in washington. and the debate over these changes -- [ applause ] the debate over these changes is a perfect example. i mean, we have seen italians of financial ind...

Let's do this. let's look at some of the key points of the president's financial reform plan and their intended goals just how would they be accomplished. our jessica yellin is focusing in on the shadowy world of derivatives, one of the key factors on the economic crisis, to see how that might change. there she is. we will be joined by republican congressman daryl isa who is very doubtroubled by the reform very doubtroubled by the reform regulations on the table. key lime pie, pineapple upside down cake,

Instead, what he was saying was, look, we've got, you know, to agree on some reasonable new rules of the road and stop standing in my way, he said. get on board. it's time for reform. that was his pitch. and they're very confident at the white house that they're pretty close to a deal here, tony. >> what is the president looking for here politically? is he looking for a vote out of the senate? is he looking for 61-62 margin, in that neighborhood, or something more? >> they're hopeful this is going to pass by a wide margin. look at the traffic record over the last 15, 16 months. from the white ...

Ultimately the house and the senate voted on a bipartisan to have a commission to study the causes of this. that commission is still out. so what's the hurry to do that while, in fact, freddie and fannie are not included in this? >> well, you start with the big financial firms. you start with trying to reform the system so that you don't get an aig again. you don't get a citigroup again. and then your -- >> hold, i hear you except for one thing. aig's fp division in britain is not part of this reform. the group that created this is not part of this reform. moody's and the other rating agencies...

New rules to govern derivatives. that's a step in the bipartisan direction, isn't it? >> look, if you want to break bills down to parts that we agree on and pass them, that's a pretty easy thing to do. >> but you're suggesting that there's nothing going on here that is bipartisan. that doesn't seem to be the case. >> it's very clear that the bill -- that has some things you like is exactly how we got in trouble. you know appropriations for decades basically bought votes by putting something in somebody's home district. and the american people understand that we're 40% of our budget is now borr...