Finance Bill Fails to Move Forward in Key Test Vote

WSJ OnLIne ^ | 4/26/10 | MICHAEL R. CRITTENDEN And VICTORIA MCGRANE

[Pontiac]

U.S. Senate Republicans stood together Monday to successfully block lawmakers from moving ahead with sweeping legislation to overhaul U.S. financial markets, a temporary stumble for the Obama administration's top domestic policy priority.

The Senate voted 57-41 on a procedural measure allowing lawmakers to move toward debate on financial regulatory overhaul legislation, falling short of the 60 votes needed. All GOP senators present voted against invoking cloture, joined by at least one Democrat, Sen. Ben Nelson (D., Neb.).

The partisan vote underscores the high political stakes surrounding the legislation, which would subject the nation's financial institutions to new consumer and capital rules, boost regulation of derivatives and allow the government to respond more aggressively to crises in the financial system. If enacted, it would represent the most sweeping changes to regulation of financial markets since the Great Depression.

Both parties looked to secure gains from the vote. Republicans hoped to use their refusal to break ranks to strengthen their position in ongoing negotiations between the parties. Democrats, meanwhile, were happy to let GOP lawmakers take a vote that is likely to be used in re-election battles later this year.

[Ben Frank]

what’s good about it is that all the R’s stood their ground to slow this down but I sense the GOPers are in “let’s make a “bi-partisan” deal mode and that is not good news. Anyway maybe they need more time to read the 1400 pages.

[tcrlaf]

You’ll notice the Pre-established Media Meme says NOTHING about the BI-PARTISAN opposition??

Here’s the headlines as of 30 minutes agao.

# The Los Angeles Times:

Republican senators block debate on finance bill

# The New York Times:

GOP Blocks Debate on Financial Oversight Bill

# MSNBC:

GOP blocks financial reform bill

# The Boston Globe:

Republicans reject advancing financial regulations bill

# USA Today:

GOP blocks Senate action on financial overhaul

# CBS News:

Republicans Block Debate on Financial Reform Bill

# Market Watch:

Republicans block bank-reform bill

# The San Francisco Chronicle:

Financial overhaul bill debate blocked by GOP

# Business Week:

Republican Rejection of Finance Bill May Open Party To Attacks

# The Washington Post:

Talks continue as GOP senators blocks debate of financial overhaul bill

# The New York Daily News:

Reid Move Forces Real Filibuster, Traps GOP
The MSMS, in coordination with the Democrats, has already established a meme, based on thier agenda. WE are the bad guys, and no mention that this is actually a Bank-bailouts-in-perpetuity Bill.

[holden]

[Bobby_Taxpayer]

Just saw on the WSJ on-line that Reid is brining it back up at 4:30 today for another cloture vote. Wouldn’t surprise me that he will do that every 24 hours so the Dems can point the fingers at the Repubs as “obstructionists”.

[Pontiac]

One Democrat in opposition does not bi-partisanship make.

But one Olympia Snow in favor; now that is bi-partisanship.

The press has received its marching orders and has mobilized to defend the Obama regime.

[Pontiac]

Thanks for the update