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Top Republican senator slams Dodd's regulation bill

WASHINGTON (Reuters) - U.S. Senate Republican Leader Mitch McConnell said on Tuesday that a Democratic bill to revamp regulation of the financial industry must be revised to win support from his side of the political aisle.

"It's a long way from being ready to go forward on any bipartisan basis," McConnell told reporters after Senate Republicans were briefed on the massive measure drafted by Senate Banking Committee Chairman Christopher Dodd.

McConnell denounced the Dodd bill, saying like pending healthcare legislation, it is another proposal that "seeks to re-work a major part of our country."

Citing public opinion polls, McConnell said: "The public is saying to all of us: 'Quit passing 1,000-page bills (and) concentrate on trying to improve the economy.'"

Kristin Brost, a Dodd spokeswoman, said in response to McConnell's comments, "Senator Dodd has made it clear that he welcomes input from both sides of the aisle."

"I hope Senator McConnell will choose to play a constructive role in a debate over policy, not page numbers," she said.

"The public is saying to all of us 'We want serious financial reforms,'" Brost added. "The system doesn't need a tune-up, it needs a complete overhaul."

Dodd last week unveiled a bill that would create a super-cop to police banks and new agencies to oversee systemic risk agency and financial consumer protection.

It also raises the stakes in a struggle to prevent a repeat of the capital market crisis that last year pushed the global financial system to the brink of disaster.

Republicans were briefed on the Dodd bill on Tuesday by Senator Richard Shelby, the ranking Republican on the banking committee.