rssThird Cloture Attempt to Start FinReg Debate Fails
Wednesday, April 28, 2010 at 1:02 pm
- 11 Comments
With Democrat Sen. Ben Nelson (D-Neb.) siding again with the Republicans — none of whom crossed over to vote for cloture to start debate on Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill — the effort has failed for the third day in a row on a vote of 56 to 42. Reid immediately moved to reconsider, meaning that the Senate will make a fourth attempt tomorrow.
Dodd and Majority Leader Sen. Harry Reid (D-Nev.) have repeatedly slammed Republicans for blocking the start of formal debate on the bill, saying that they are keeping negotiations secret and that the two parties should hammer out their differences on the floor.
In truth, the two bills are not that dissimilar. One major change in the Republican proposal — the reform of Fannie and Freddie — is too complex to insert into the Dodd bill. But many other changes would be easy to sub in. Senate staffers say negotiations are centering on the Democrats’ adoption of the Republican version of resolution authority, which is virtually identical in the Republican proposal except that that any losses incurred by the government are recouped after the formal liquidation, rather than before (via the Obama bill’s $50 billion fund).
The Republicans viewed as most likely to switch continue to be Olympia Snowe (Maine), Susan Collins (Maine) and George Voinovich (Ohio).
Follow Annie Lowrey on Twitter
11 Comments
Pingback posted April 28, 2010 @ 1:20 pm
[...] This post was mentioned on Twitter by TMC Member Feed and Prog Dem of Rsd, WashIndependent. WashIndependent said: Third Cloture Attempt to Start FinReg Debate Fails – http://bit.ly/cKH0ZC [...]
Trackback posted April 28, 2010 @ 1:33 pm
Social comments and analytics for this post…
This post was mentioned on Twitter by TWI_news: Third Cloture Attempt to Start FinReg Debate Fails – http://bit.ly/cKH0ZC...
Pingback posted April 28, 2010 @ 3:17 pm
[...] Third Cloture Attempt to Start FinReg Debate Fails « The … [...]
Pingback posted April 28, 2010 @ 3:30 pm
[...] Third Cloture Attempt to Start FinReg Debate Fails « The … [...]
Comment posted April 28, 2010 @ 5:14 pm
Government sponsored Freddie Mac and Fannie Mae have to be included in the reform bill. These institutions are just as much to blame for the housing market crisis and we have our Congress to thank for their regulation!!!!!!!!!
Pingback posted April 28, 2010 @ 6:39 pm
[...] Third Cloture Attempt to Start FinReg Debate Fails « The … [...]
Comment posted April 28, 2010 @ 6:47 pm
Why wouldn't it be a better idea to have money up front for resolution authority? We are always reactive, dealing with problems after the fact. Can't for once we be proactive? Wouldn't it be better to have the funds available to shut down and dismantle a failed financial firm before it does damage to the market rather then having to front the money and then have to figure out how to get it back? Is it just me or does it seem like there is more risk in the republican version considering the funds that the government would front would be taxpayer funds, while in the democrat's plan, the money would be from the banks and only from the banks.
Pingback posted April 29, 2010 @ 5:02 am
[...] Third Cloture Attempt to Start FinReg Debate Fails « The … [...]
Pingback posted April 29, 2010 @ 11:20 am
[...] Third Cloture Attempt to Start FinReg Debate Fails « The … [...]
Pingback posted April 29, 2010 @ 6:15 pm
[...] Third Cloture Attempt to Start FinReg Debate Fails « The … [...]
Pingback posted April 30, 2010 @ 6:44 pm
[...] Third Cloture Attempt to Start FinReg Debate Fails « The … [...]
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.
