Free Republic

WASHINGTON (Reuters) - In a setback for the Obama administration, Senate Democrats failed to muster enough votes on Wednesday to end debate on the biggest overhaul of financial regulation since the 1930s, delaying a vote on passage. But analysts still expect the legislation eventually to pass. More debate on amendments was likely, with banks on alert for changes that could threaten their profits. Senate Democratic Leader Harry Reid scheduled another vote for 2:30 p.m. EDT Thursday. In the 57 to 42 vote, two Democrats sided against invoking "cloture" to limit debate and move toward final passage. Sixty votes are needed...

WASHINGTON (Reuters) - President Barack Obama on Saturday called for swift Senate action on a sweeping overhaul of Wall Street rules to "secure America's economic future" as a reform bill moves into the decisive stage next week. With months to go before November's pivotal congressional elections, Obama pressed a populist theme of helping the "folks on Main Street" as he urged approval of tighter regulations to prevent a repeat of the 2008-2009 financial crisis. Obama's Democrats and opposition Republicans are continuing to haggle over a slew of amendments, but the bill could come up for a vote in the U.S....

This year I wrote a column that argued it was time to start a debate about the definition of “sophisticated” investor. That was sparked by a saga bubbling in Italy, where investment banks have flogged numerous derivatives trades to local governments, and other entities (including convents) - and some of the deals are now turning sour, sparking law suits. Now, however, this issue of investor “sophistication” has become doubly fraught, for reasons that have nothing to do with Italian nuns. Earlier this week, two Democratic senators filed an amendment to the US financial reform bill, that seeks to impose a...