GOP has written 6 Things You Need to know about the Obama/Dodd financial reform. One of the chief problems is the creation of a permanent bailout fund. Senator Susan Collins, one of the moderate GOP Senators Democrats hope to peel away in order to pass their legislation, has objected specifically to the bailout fund but believes with a few weeks time the Senate could easily put together a bipartisan bill that would meet with bipartisan approval in the Senate. Once again, Harry Reid presumably with the urging of the White House has set an artificial deadline for the legislation hoping to pass something this week instead.
Though Paul Ryan doesn't address this aspect specifically in the following video he lays out GOP objections to aspects of the Democrats financial reform very clearly. Again it is the underlying architecture of the bill that creates quasi Fannie and Freddie Macs of the financial market. The O'Driscoll article mentioned in the interview with Ryan can be found here for those who are interested in reading it.