04.26.2010 0

Republicans Block Financial Takeover Bill–For The Meantime

Moments earlier, Senate Republicans blocked the Chris Dodd Financial Takeover Bill in the U.S. Senate. In a 57-41 vote with two abstaining, the Financial Takeover Bill has been stalled for the time being.

Earlier today, the Washington Examiner reported that Sen. Richard Shelby said that Republicans would be successful in blocking the bill. However, Shelby has announced that he is close to a deal with Dodd. This would mean that a new version of the bill would be likely to pass in the near future.

According to the Washington Post:

Sen Richard C. Shelby, the lead Republican negotiator, said that he and Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, are “conceptually very close” to a deal on the pending bill but that Shelby is pushing to “tighten up some language.”

This is not over yet in the Senate. More from the WaPo:

Shelby said the changes he wants focus on three key areas: the particulars of a proposed regulator to protect consumers against lending abuses; the details of new government powers to wind down large, troubled firms without using taxpayer money; and measures to establish oversight of the sprawling and largely opaque market for financial derivatives.

This will not be a good bill–even with the changes proposed by Shelby. If Dodd has anything to do with “financial reform”, one can be certain that it is the exact opposite of reform that America needs.

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