As the U.S. Senate continues to hammer away at jobs creation bills, Senator Claire McCaskill (D-Missouri) says a bill is being debated that would regulate Wall Street.

“We’re trying to make sure we fix the problem that brought our financial system to its knees…,” she says. The financial regulation bill looks at how we get away from too big to fail corporate banks, “how to make sure our small community banks can grow.”

She says the goal is to not over-regulate small banks but at the same time create oversight for big banks who nearly caused collapse through “reckless risk taking in a lemming like fight for additional compensation and profit.”

McCaskill says there’s a unified bank lobby trying to kill this bill, fully backed by the Republicans.

AUDIO: Sen. McCaskill talks about banking oversight bill [Download / listen Mp3, 2:55 min.]