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On both sides of the equation. somewhere in america, you have to stand up for the if i had you shall he usufiduciary responsibility of being honest with customers. we're saying after four or five attempts to regulate derivatives the majority republicans always voted against regulating derivatives. in fact it was republicans who led the charge to take out the oversight regulators of this market and say, stand on the sidelines. we clearly want to get the referee back in the game. we want somebody paying attention to these dark markets as soon as possible. >> may i ask while you're talking about ...

As the americans watch from home they think why can't you guys behave like grownups and figure this out. if senators dodd and shelby, the two key players, are making progress why do the democrats keep having the votes to have a political fight? >> we have a very goodwill. the combination of two efforts of the banking committee that has oversight over the derivatives and it's about bringing the bill to the floor so you can have a debate. senator reid hasn't limited the number of amendments republicans can offer. so they can come to the floor and offer what amendments they want to try to change ...

These votes to make republicans look like obstructionists. >> i don't think we have to do that. we just have to point out the record. we started deliberations on this bill last november. and we stopped to allow senator shelby and our republican colleagues to work together. senator dodd's been doing that. we had a markup on the committee a few weeks ago. we're ready to go to the bill. this vote is not on passage of the bill. this vote is simply to take it up and start debating openly amendments to change the bill. >> that's true. but senator, under the procedures in the senate, isn't it true th...

Congress, the administration and the american people will have to choose among making modifications to entitlement programs such as medicare and social security, restraining federal spending on everything else, accepting higher taxes or some combination thereof. >> where does this head? senator, in your case you just felt this personally. you just lost a senate primary back home in part because people blame you to be a part of this washington that can't do what every family has to do, figure out how to make the checkbook balance. >> that's correct and that's correct about washington. i believe...

With the power that we have to say negotiate so that we at least have a bipartisan beginning rather than another completely partisan bill like we saw on health care. >> as you know, there are bipartisan negotiations going on right now between senators dodd and shelby. for you, what would have to change before you would vote for this bill? >> well, first of all, we would have to make sure that too big to fail is gone away, that taxpayer bailouts will never happen again. and this bill does not satisfy the republicans that it will end the advantage that big financial institutions have over our co...