–Long, Contentious Senate Vote on Reg Reform Set To Wind Down
–Senate Majority Leader: Must Vote On ‘Finite List of Amendments’
–Sen. Reid: ‘We’ve Made Great Progress’ On Regulatory Reform Bill
By John Shaw
WASHINGTON (MNI) – In a critical move, the Senate voted Thursday to
end the weeks-long debate on financial regulatory reform legislation and
move toward final passage.
The Senate voted 60 to 40 to end the debate on regulatory reform
debate.
After the vote, Senate Majority Leader Harry Reid said that in the
“best of all worlds” the Senate would vote Thursday night on regulatory
reform, but hinted this was not likely.
Reid said the Senate would vote on a “finite list of amendments”
and then move to final passage on the bill.
Reid had tried unsuccessfully Wednesday to end the Senate debate.
He secured 57 of the 60 votes that are needed to invoke cloture.
The Senate now has up to 30 hours of debate remaining, but some of
that time will probably not be used.
Some Democrats are urging that Reid keep the Senate in session
around the clock until the regulatory reform bill is passed.
The underlying Senate regulatory reform bill, largely drafted by
Dodd, establishes a new independent Consumer Protection Bureau at the
Federal Reserve Board, creates a process to liquidate failed financial
firms, sets up a council of regulators to oversee systemic risk in the
economy, establishes a regulatory structure for over-the-counter
derivatives, requires hedge funds that manage over $100 million to
register with the SEC and creates a new office within Treasury to
monitor the insurance industry.
Senate Republicans have said that they remain uncomfortable with
key sections of the bill, including those that deal with the Consumer
Protection Bureau and regulation of OTC derivatives.
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]
