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Financial Regulation Bill Blocked

Financial Regulation Bill Blocked – A sweeping proposal to revamp Wall Street suffered a legislative setback this evening when the Senate failed to bring the measure to the floor for debate.

Voting 57-41, Senate Democrats could not muster the 60 votes needed to overturn the threat of a GOP filibuster and begin formal debate on the bill, which has become President Obama’s top priority following his success on health care.

Democrats quickly blasted Republicans for voting together against the bill.

“Some of these senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether,” Obama said in a statement. “But the American people can’t afford that.”

Sen. Ben Nelson, a centrist Democrat from Nebraska, voted with 39 Republicans against advancing the measure. Senate Majority Leader Harry Reid, D-Nev., switched his vote to “no” on the measure — a procedural move that allows him to call for a new vote later this week.

Tags: Centrist Democrat, Closed Doors, Filibuster, Formal Debate, Gop, Harry Reid, Industry Lobbyists, Nev, obama, Political Strategy, Procedural Move, Republicans, Senate Democrats, Senate Majority Leader, Senate Majority Leader Harry, Senate Majority Leader Harry Reid, Senators, Setback, Top Priority, Wall Street
Posted in Politics