I'm all for bipartisan agreements that make sense. However, when I look at what is unfolding in Congress in the name of bipartisanship on banking reform, it makes me extremely nervous.

Here we go again.

Sens. Chris Dodd, D-Conn., and Bob Corker, R-Tenn., are working on bipartisan legislation to revamp the regulatory structure of the financial services industry. The House passed Rep. Barney Frank's version Dec. 11. The bill from Frank, D-Mass., would create a controversial Consumer Financial Protection Agency and codify a permanent bailout authority for the federal government.

The big question for Americans who hate bailouts is whether the Senate will follow the House's lead and grant the Federal Reserve the statutory authority to bail out individuals, partnerships or...