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Shelby Amendment Gutting Consumer Protection From FinReg Bill Fails

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

Elisa Mueller
Last updated: Jul 31, 2020 | May 06, 2010

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.

Elisa Mueller | Elisa Mueller was born in Kansas City, Missouri, to a mother who taught reading and a father who taught film. As a result, she spent an excessive amount of her childhood reading books and watching movies. She went to the University of Kansas for college, where she earned bachelor's degrees in English and journalism. She moved to New York City and worked for Entertainment Weekly magazine for ten years, visiting film sets all over the world.


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