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.
WASHINGTON (Reuters) – Senate Republicans on Tuesday floated their first counterproposal to rewrite financial regulations after blocking a more sweeping Democratic plan for a second straight day.
With the two parties locked in a stalemate on the Senate floor, the Republican proposal, obtained by Reuters, could propel the two sides toward common ground on the most ambitious rewrite of Wall Street rules since the Great Depression.
WASHINGTON (Reuters) – A bill to overhaul the troubled National Flood Insurance Program, which covers more than five million homes and businesses in flood-prone areas, was approved on Tuesday by a congressional committee.
The bill, if approved in the full House and Senate, would reauthorize the program for five years and delay implementation of new rate maps for flood zones so homeowners newly included in a flood zone do not face an immediate new insurance cost.
WASHINGTON (Reuters) – U.S. Senate Republicans on Tuesday blocked a sweeping overhaul of banking rules for a second straight day as they sought to extract more concessions from Democrats eager to crack down on Wall Street.
As Goldman Sachs executives sweated through tough questioning by a Senate panel, Democrats calculated that Republican resistance to the bill would crumble amid election-year pressures and widespread anger at Wall Street.
WASHINGTON (Reuters) – Senate Republicans offered counter-proposals on financial regulation reform on Tuesday that seek to water down portions of a massive Democratic bill that has been under development for months.
Republicans want to establish a new government process for dismantling “too big to fail” financial firms in distress, but without setting up the $50 billion “orderly liquidation” fund that is called for in a nearly 1,600-page Democratic bill, according to a document obtained by Reuters on Tuesday.
WASHINGTON, April 27 (Reuters) – For a second time in as
many days, U.S. Senate Republicans mustered enough votes on
Tuesday to block debate of a Democratic bill that would bring
the biggest overhaul of financial regulation since the 1930s.
President Barack Obama and the Democrats want tighter rules
on banks and capital markets to prevent a repeat of the
2008-2009 financial crisis, which tipped the economy into a
deep recession and unleashed reform efforts worldwide.
WASHINGTON, April 27 (Reuters) – A sweeping overhaul of
banking rules appeared to be headed toward another roadblock in
the U.S. Senate on Tuesday, although an influential Republican
predicted it ultimately will pass the chamber.
As Democrats moved to force a series of procedural votes
seeking to open formal debate on the bill, key moderate
Republicans said they still saw no reason to change their minds
since voting to block the bill on Monday.
WASHINGTON (Reuters) – Influential Republican Senator Judd Gregg said on Tuesday he expects the U.S. Senate to eventually pass a financial reform bill as Democrats moved to force a series of votes to try to open debate on the measure.
Seeking to cast Republicans as Wall Street’s allies, Democrats plan votes that will test Republicans’ resolve to stay united in blocking debate of a legislative crackdown on the deeply unpopular financial services sector.
WASHINGTON, April 27 (Reuters) – Influential Republican
Senator Judd Gregg said on Tuesday he expects the U.S. Senate
to eventually pass a financial reform bill as Democrats moved
to force a series of votes to try to open debate on the
Seeking to cast Republicans as Wall Street’s allies,
Democrats plan votes that will test Republicans’ resolve to
stay united in blocking debate of a legislative crackdown on
the deeply unpopular financial services sector.