WASHINGTON (Reuters) – The U.S. Senate made progress on a financial regulation reform bill on Wednesday, approving two amendments aimed at preventing a repeat of the massive taxpayer bailouts of Wall Street in 2008.
By overwhelming votes, the amendments were added to a broader reform bill, along with two other non-controversial measures, but more troublesome issues loomed ahead dealing with consumer protection and regulation of derivatives markets.
WASHINGTON (Reuters) – The No. 2 Democrat in the U.S. Senate said on Wednesday he will push to amend a massive Wall Street reform bill with a measure addressing credit card fees affecting retailers.
So-called “interchange” fees are charged to supermarkets, convenience stores and other merchants by firms such as Visa and MasterCard every time a customer uses a credit card. Fees totaled $48 billion in 2008, up from $42 billion in 2007.
WASHINGTON, May 5 (Reuters) – Democrats fought to push
their Wall Street reform forward in the U.S. Senate on
Wednesday, slating more votes despite stubborn Republican
resistance on a bill that is expected to pass within weeks.
The chief negotiators for both parties agreed on Tuesday on
a new government protocol for dismantling large financial firms
in distress. The plan is an effort to avoid more crises like
the 2008 bailout of mega-insurer AIG <AIG.N> and the collapse
of former Wall Street giant Lehman Brothers <LEHMQ.PK>.
WASHINGTON (Reuters) – Key senators reached a partial agreement on Wall Street reform on Tuesday, but disputes over some issues continued, and the Senate adjourned without casting votes on amendments as planned.
The chief Democratic and Republican negotiators agreed on a new government protocol for dismantling financial giants in distress. Their pact briefly stirred hopes among lawmakers that final approval of the sweeping reform bill was drawing near.
WASHINGTON (Reuters) – The U.S. Senate will cast its first votes on Tuesday on a sweeping Wall Street reform bill, with passage of a handful of uncontroversial amendments expected and a key procedural question still unsettled.
Democratic leaders had not yet determined as of late Monday whether amendments will need 50 or 60 votes to pass. The difference is important because Democrats control 59 votes in the 100-member chamber, versus the Republicans’ 41 votes.
WASHINGTON (Reuters) – Support was slipping on Monday in the Senate for a proposal to require that banks spin off their swap-trading desks, analysts and sources familiar with discussions among lawmakers said.
The proposal, drafted by Senate Agriculture Committee Chairman Blanche Lincoln, was added last week to a wider Wall Street reform bill that senators continued debating on Monday. No votes on amendments to the bill will come until Tuesday.
WASHINGTON (Reuters) – Changes are in the works to amend provisions of a U.S. Senate Wall Street reform bill that deal with venture capital funds, Senator Christopher Dodd, the bill’s author, said on Friday as Democrats try to win support of key Republicans.
“We’ll have some amendments because I think we went too far in this bill in that area … We need to fix that,” Dodd, a Democrat, said in Senate floor remarks.
WASHINGTON, April 29 (Reuters) – The U.S. Senate opened
debate on Wall Street reform on Thursday with an amendment to
bar use of taxpayer funds in any future government actions to
dismantle financial mega-firms that get into trouble.
Seeking to start off on a bipartisan note in a debate
expected to last two weeks or more, Democrats said the
amendment from Senator Barbara Boxer would ensure taxpayers do
not again come to the rescue of “too big to fail” firms.
WASHINGTON (Reuters) – U.S. Senate Republicans on Wednesday were poised to clear the way for formal debate to begin on the most sweeping overhaul of financial regulation since the 1930s as they dropped efforts to block the bill.
“Senate Republicans will at last allow debate on the bill to bring accountability to Wall Street,” Senate Banking Committee Chairman Christopher Dodd said in announcing a dramatic deal ending a three-day standoff.
WASHINGTON, April 28 (Reuters) – U.S. Senate Democrats
sought to break a stalemate over their sweeping reform of
financial regulation on Wednesday, planning a third vote in as
many days as Republicans held out for a compromise bill.
With November congressional elections looming, Republicans
vowed to once again block debate of the most ambitious rewrite
of Wall Street rules since the Great Depression as they pushed
their first counterproposal behind the scenes.