• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

Senate Votes to Continue Debate on FinReg « The Washington Independent

During health care reform, senators strengthened and hammered out the bill in committee before it hit the floor. This go-around, Sen. Chris Dodd (D-Conn.) decided to pass the bill through the Banking Committee on a party-line vote (the vote took all of 20 minutes) and to allow a substantive amendment process. Senators were nearing the end of that process today, but major provisions promised a vote remained without one — including Sens. Jeff Merkley (D-Ore.) and Carl Levin’s (D-Mich.) amendment banning proprietary trading at commercial banks and Sens. Maria Cantwell (D-Wash.) and John McCain’s (R-Ariz.) amendment reinstituting the Depression-era Glass-Steagall Act.

Midday, Sen. Harry Reid (D-Nev.) called off a planned cloture vote. At 3:15, Democrats went into an emergency caucus meeting. When they emerged, Reid called the vote again, despite the number of major amendments still pending. The Senate rejected the measure, 57 to 42, with Cantwell and Sen. Russ Feingold (D-Wisc.) joining most Republicans to keep debate open.

Of course, losing this vote is not losing the bill. Reid has already said he plans to have the Senate vote again tomorrow. Still, the politics felt fevered today.

Reid has pointed his finger at the Republicans, despite the progressive crossovers. He released a statement, saying: “At every stage of this debate, Republicans and their friends on Wall Street have worked overtime to weaken this bill because they view it as a threat to business as usual. They know these reforms — reforms the American people overwhelmingly support and demand — will finally hold Wall Street accountable. I am calling on my Republican colleagues to start putting the interests of families, small businesses and seniors over those of big banks on Wall Street.” He later said one senator broke his or her promise on the vote, then suggested it was Sen. Scott Brown (R-Mass.).

Feingold released a statement saying: “After thirty years of giving in to the wishes of Wall Street lobbyists, Congress needs to finally enact tough reforms to prevent Wall Street from driving our economy into the ditch again. We need to eliminate the risk posed to our economy by ‘too big to fail’ financial firms and to reinstate the protective firewalls between Main Street banks and Wall Street firms. Unfortunately, these key reforms are not included in the bill. The test for this legislation is a simple one: Whether it will prevent another financial crisis. As the bill stands, it fails that test. Ending debate on the bill is finishing before the job is done.”

And, for her part, Cantwell said that the hold-up on the vote was due to another senator’s family matter — not due to Reid wrangling with her, though Reid was on camera speaking to Cantwell during the vote — and that she [wants](“At every stage of this debate, Republicans and their friends on Wall Street have worked overtime to weaken this bill because they view it as a threat to business as usual. They know these reforms – reforms the American people overwhelmingly support and demand – will finally hold Wall Street accountable. “I am calling on my Republican colleagues to start putting the interests of families, small businesses and seniors over those of big banks on Wall Street.”) the Senate to close a loophole that might allow some firms not complying with derivatives clearinghouse requirements to avoid any penalties before another cloture vote.

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.