Today, during a Senate floor speech, Senate Minority Leader Mitch McConnell (R-KY) stressed that the Senate "should not pass the financial reform bill that’s about to hit the [Senate] floor," noting that the Restoring American Financial Stability Act of 2010, approved by the Senate Banking Committee last month without any Republican support, "wouldn’t solve the problems that led to the financial crisis," rather "[i]t would make them worse." Senator McConnell cited several issues with the draft legislation, claiming that the bill would give the Federal Reserve "enhanced emergency lending authority that is far too open to abuse," giving broad powers to the Treasury Department and the FDIC to effect "a new backdoor mechanism for propping up failing or failed institutions." In his view, the reform legislation would "provide endless protection for the biggest banks on Wall Street" and "all but guarantee" that taxpayers would continue to "be[ing] on the hook for future Wall Street bailouts."