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May 20, 2010

Senate fails to end debate on bank reform bill

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.

May 19, 2010

Tougher Wall St reform backers running out of time

WASHINGTON, May 19 (Reuters) – A handful of U.S. Senate
Democrats on Wednesday were pushing at the eleventh hour to
make a sweeping Wall Street reform bill even tougher, but they
were running out of time as a key procedural vote approached.

The bill, steered by Senator Christopher Dodd, would shift
leftward under Democratic proposals that would, for instance,
tighten limits on risky bank trading and break up financial
giants.

May 19, 2010

Senate’s “Volcker rule” amendment modified

WASHINGTON (Reuters) – Democrats sought on Tuesday to finish crafting an amendment that would toughen language in the Senate’s Wall Street reform bill on the proposed “Volcker rule” curbing risky bank trading.

An aide to Senator Jeff Merkley, the amendment’s co-author, told Reuters that changes to the amendment would clarify its scope through steps such as excluding institutions that do not pursue traditional banking and protecting securitization.

May 19, 2010

Senate could vote on Wall Street reform this week: Reid

WASHINGTON (Reuters) – The U.S. Senate could hold a final vote this week on the biggest overhaul of financial regulation since the 1930s, Senate Majority Leader Harry Reid said on Monday.

“If our Republican colleagues stick to their strategy of indefinite delay, I will — like I said last week — file cloture as soon as tonight so we can hold a final vote this week,” said Reid on the Senate floor as it reconvened, referring to a cloture motion to wind up debate on a bill.

May 19, 2010

Senate Dems clash over Wall Street reform endgame

WASHINGTON (Reuters) – Senior Senate Democrats clashed late on Tuesday as they tried to wrap up loose ends in a sweeping Wall Street reform bill headed for final passage within days.

A confrontation between Christopher Dodd and Blanche Lincoln, both chairmen of powerful Senate committees, signaled that the endgame is at hand for what promises to be the biggest overhaul of financial regulation since the 1930s.

May 18, 2010

US Senate backs role for states in Wall St reform

WASHINGTON, May 18 (Reuters) – The U.S. Senate voted to
give state authorities a role in enforcing new bank consumer
protection rules as lawmakers sought on Tuesday to complete
their financial regulation package before a series of final
votes on landmark Wall Street reform.

With a final vote expected on Wednesday or Thursday, the
Senate was closing in on the biggest overhaul of financial
regulation since the 1930s, which is likely to weigh on the
banking industry’s future profits.

May 18, 2010

U.S. Senate deal reached on state preemption

WASHINGTON (Reuters) – Moving to clear away an obstacle to passage of a Wall Street reform bill, key U.S. senators have struck a compromise balancing state and federal powers in bank consumer protection, aides said on Tuesday.

Senator Thomas Carper will unveil an amendment later on Tuesday dealing with the issue, an aide said.

May 18, 2010

Senate deal reached on state preemption: aides

WASHINGTON (Reuters) – In a move that could clear away a long-standing obstacle to passage of a landmark Wall Street reform bill in the U.S. Senate, key senators have reached a compromise on the balance of power between state and federal officials on bank oversight, aides said on Tuesday.

Democratic Senator Thomas Carper will unveil an amendment later on Tuesday dealing with the issue, an aide said.

May 18, 2010

U.S. Senate deal reached on state preemption-aides

WASHINGTON, May 18 (Reuters) – In a move that could clear
away a long-standing obstacle to passage of a landmark Wall
Street reform bill in the U.S. Senate, key senators have
reached a compromise on the balance of power between state and
federal officials on bank oversight, aides said on Tuesday.

Democratic Senator Thomas Carper will unveil an amendment
later on Tuesday dealing with the issue, an aide said.

May 17, 2010

U.S. Senate closes in on final Wall St reform vote

WASHINGTON, May 17 (Reuters) – The U.S. Senate moved closer
on Monday to wrapping up debate on the biggest overhaul of
financial regulation since the 1930s, with a final vote on
passage targeted in just a few days.

With major disputes unresolved, however, on regulating
over-the-counter derivatives and curbing risky trading by
banks, as well as on the power of state bank regulators, debate
might spill into next week.