A letter has been submitted to Senate Majority Leader, Harry Reid, which was signed by 41 Republican senators mentioning that they are all against the financial regulation bill put forward by Democratic Sen. Chris Dodd. It was announced by Senate Republican Leader, Mitch McConnell's office today.

The letter said, “Inaction is not an option. However, it is imperative that what we do does not worsen the current economic climate or codify the circumstances that led to the last financial crisis”.

It further mentioned that as it is currently constructed, this bill allowed for never-ending taxpayer bailouts of Wall Street and created new as well as unlimited regulatory powers that will suffocate small businesses and community banks.

The letter asked Reid to support bipartisan negotiations in the Banking and Agriculture Committees.

The Associated Press reported that the administration is requesting Senate Democrats to drop the fund because it is unnecessary. Large financial institutions will be compelled by the provision in question to provide the $50 billion, which will be used by the Federal Deposit Insurance Corp. to pay for dismantling giant failing firms.

However, President Obama today drew a line in the sand and guaranteed to veto any monetary regulatory reform bill that is unable to bring the derivatives market under control.