Posted by: Audiegrl
Undaunted by a Senate setback, Democrats appeared increasingly confident Monday they will be able to take advantage of Americans’ anger at Wall Street and push through the most sweeping new controls on financial institutions since the Great Depression.
The Senate, in a 57-41 vote, failed to get the 60 supporters needed to proceed on the regulatory overhaul. One Democrat, Sen. Ben Nelson of Nebraska, joined with the Republicans.
But the evening vote was just part of a legislative ballet keeping bipartisan talks alive. At the end, Senate Majority Leader Harry Reid switched his vote to “no,” too, but that was just a maneuver that will enable him to call for a new tally as early as Tuesday.
Democrats believe that public pressure and the scent of a Wall Street scandal have given them the upper hand. Republicans themselves have taken up the Democrats’ Wall Street-bashing rhetoric and have voiced hope that a bill will ultimately pass. In that light, the path to final approval seems clearer than it ever did during the contentious debate over health care.
“I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin. 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. But the American people can’t afford that. A lack of consumer protections and a lack of accountability on Wall Street nearly brought our economy to its knees, and helped cause the pain that has left millions of Americans without jobs and without homes. The reform that both parties have been working on for a year would prevent a crisis like this from happening again, and I urge the Senate to get back to work and put the interests of the country ahead of party.”