The Republicans made a point, albeit temporarily,
Finance Bill Fails to Move Forward in Key Test Vote
Delay is Likely Temporary as Parties Continue Negotiations on Terms of Overhaul
U.S. Senate Republicans stood together Monday to successfully block lawmakers from moving ahead with sweeping legislation to overhaul U.S. financial markets, a temporary stumble for the Obama administration’s top domestic policy priority.
The Senate voted 57-41 on a procedural measure allowing lawmakers to move toward debate on financial regulatory overhaul legislation, falling short of the 60 votes needed. All GOP senators present voted against invoking cloture, joined by at least one Democrat, Sen. Ben Nelson (D., Neb.).
The partisan vote underscores the high political stakes surrounding the legislation, which would subject the nation’s financial institutions to new consumer and capital rules, boost regulation of derivatives and allow the government to respond more aggressively to crises in the financial system. If enacted, it would represent the most sweeping changes to regulation of financial markets since the Great Depression.
The Republicans oppose it because it’s essentially a permanent bailout bill:
Republicans have also criticized what they consider loopholes in the Senate bill that would give the Federal Deposit Insurance Corp. flexibility in how it deals with creditors during a new regime for winding down faltering financial firms whose failure could harm the entire economy.
However, the Obama administration is hell-bent on passing this, and they will.
We will all pay for it.
At the Washington Post,
Financial overhaul falls short in procedural vote
The Senate voted Monday afternoon to prevent the start of formal debate of legislation to overhaul financial regulation, creating a largely partisan standoff over a far-reaching Democratic bill meant to strengthen oversight of Wall Street.
It would have taken only a few Republican votes to reach the 60-vote threshold needed for debate to begin. The measure received 57 votes with 41 senators voting in opposition. Two Republicans did not vote.
Sen. Ben Nelson (D-Neb.) joined Republicans in voting to prevent debate from proceeding. When the outcome was clear, Senate Majority Leader Harry M. Reid (D-Nev.) also voted no, a move that allows him to reintroduce the measure later.
While the procedural vote delays formal consideration of the overhaul bill, lawmakers in both parties have said they expect it will ultimately be debated — and passed — in the coming weeks, though the exact contours of the final legislation remain uncertain.
Because, as we are all told, you have to pass the bill to find out what’s in it.