Shelby Amendment Gutting Consumer Protection From FinReg Bill Fails

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Thursday, May 06, 2010 at 3:39 pm

The much-derided amendment by Sen. Richard Shelby (R-Ala.) to gut the consumer financial protections from Sen. Chris Dodd’s (D-Conn.) financial regulatory reform just failed. Sens. Charles Grassley (R-Iowa) and Olympia Snowe (R-Maine) both voted against the amendment. The final vote was 38 yeas, and 61 nos.

Next vote up: Sen. Bernie Sanders’ (I-Vt.) amendment to require an expansive Government Accountability Office audit of the Federal Reserve.

Dodd has said he will go back and forth between Republican and Democratic amendments; Majority Leader Harry Reid (D-Nev.) says there will be a vote or two tomorrow morning as well, and has asked that people with similar amendments merge or drop them.

Dodd and Reid are also begging their fellow senators to keep time for amendment debates to a bare minimum, with Dodd noting that they spent 24 hours on the Shelby amendment. “I can’t spend 24 hours on one amendment and accommodate people here,” he says.

Shelby is now speaking, saying, “This affects all of our economy,” and therefore cannot be rushed. That’s your Republican playbook right there.

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