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Monday, April 26, 2010

G.O.P. Blocks Debate on Financial Oversight Bill - DealBook Blog -

G.O.P. Blocks Debate on Financial Oversight Bill - DealBook Blog - "Senate Republicans, united in opposition to the Democrats’ legislation to tighten regulation of the financial system, voted on Monday evening to block the start of floor debate, The New York Times’s David M. Herszenhorn reports from Washington.

The vote was 57 to 41, as Democrats fell short of the 60 votes needed to cut off a filibuster of the motion to proceed to the bill. One Democrat, Senator Ben Nelson of Nebraska, sided with Republicans apparently out of concern over a provision related to tightening the rules on derivatives trading.

The Republicans said they were intent on winning substantive changes to the bill and accused the Democrats of rushing the process. The Democrats said that the Republicans were stalling and that there was broad agreement on most of the legislation. They accused the Republicans of siding with wealthy Wall Street interests and leaving the country vulnerable to another financial collapse.

The result was largely expected: Republicans had warned for more than a week that they would oppose floor debate of the legislation in its current form. It left the majority leader, Harry Reid of Nevada, with a choice of continuing to pressure the Republicans, in the hope of raising the political stakes, or to temporarily move to other items on the Democrats’ increasingly busy agenda.

As usual the Republicans talk populism but they support the interests of big business and big banks. Their policies of deregulation have caused the economic downturn which we are experiencing now.

John H. Armwood

(Via .)

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