The most sweeping takeover of US business is stalled by courageous GOP and 1 Dem

April 26, 2010 19:58

Nelson Joins GOP Senators to Stop Cloture Vote; Financial Bill Stalled


The most sweeping overhaul of U.S. banking rules since the Great Depression stumbled in the Senate on Monday as Republicans united to prevent action on the bill.

The vote gives Republicans leverage to extract more concessions from Democrats on a measure that could ban banks from several lucrative types of trading and subject them to greater oversight.

Needing 60 votes in the 100-seat Senate to begin debate on the bill, Democrats fell three votes short.

The setback is not likely to be permanent. Lawmakers in both parties said they are close to agreement and the Senate could take up the bill later this week.

As Wall Street reels from a fraud case against Goldman Sachs Group Inc, lawmakers from both parties are eager to crack down on the financial industry before the November congressional elections. The vote came a day before Goldman executives were due to appear before a Senate panel.

“All of us want to deliver a reform that will tighten the screws on Wall Street. But we’re not going to be rushed on another massive bill,” Senate Republican Leader Mitch McConnell said ahead of the vote.


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