Senate Republican defeated a cloture vote Monday on the Financial Industry Reform bill. Democrats did necessary 60 votes to block a filibuster by the GOP.
All 41 Republican voted against the bill. Among the Democrats Sen. Ben Nelson-NE. Senate Majority Leader Harry Reid originally voted in favor of the bill. Then he switch is his vote which allowed Reid to schedule a another cloture vote as early as Tuesday.
The Senate, in a 57-41 vote, failed to get the 60 supporters needed to proceed on the regulatory overhaul. One Democrat, Sen. Ben Nelson of Nebraska, joined with the Republicans.
But the evening vote was just part of a legislative ballet keeping bipartisan talks alive. At the end, Senate Majority Leader Harry Reid switched his vote to “no,” too, but that was just a maneuver that will enable him to call for a new tally as early as Tuesday. If that failed, Reid planned another vote Wednesday.
Republicans say they want a bipartisan bill that they can vote on.
Richard Shelby, the top Republican on the Banking Committee, said Monday before the vote, “Most Republicans want a bill, but they want a substantive bill.”
Democrats seizing the opportunity on the public anger about Wall Street banks as a way to pass the bill. President Obama disappointed with the vote:
The financial overhaul bill is a priority of President Barack Obama and, after health care, its passage would build on his legislative successes — an important political consideration in an election year. The House has already passed its version of new bank regulations.
Following the vote, the president said he was “deeply disappointed” and urged Senators to put the interests of the country ahead of party.
“Some of these senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether,” Obama said in a statement. “But the American people can’t afford that.”
Senator Ben Nelson opposed the legislation based a portion dealing with derivatives a form of financial hedge on prices of products.
n a statement, Nelson, a conservative Nebraska Democrat, said his vote reflected concerns about the bill raised by Nebraska businessmen. Nelson and Sen. Chris Dodd, D-Conn., the chairman of the Banking Committee, huddled before the vote discussing the elimination of a provision supported by Nebraska billionaire investor Warren Buffett to exempt existing derivatives from new regulations.
The legislation would require derivatives, previously unregulated exotic securities, to be traded in open exchanges and cleared through a third party that would guarantee the instruments. A legislative agreement struck Monday would exempt existing derivatives from the clearing requirements but would still demand collateral for those trades.
“I was prepared to grandfather existing derivatives that have not been cleared, but I can’t say you can’t have margin requirements,” Dodd said, explaining his discussion with Nelson.
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