GOP Blocks Test Vote on Finance Reform

Democrats vow to try again this week
By Newser Editors and Wire Services
Posted Apr 26, 2010 5:29 PM CDT
GOP Blocks Test Vote on Finance Reform
The Senate Banking Committee's ranking Republican Sen. Richard Shelby, R-Ala. talks with reporters, Monday, April 26, 2010.   (AP Photo/Charles Dharapak)

Senate Republicans have blocked Democrats' efforts to begin debate on overhauling the nation's financial regulatory system. The vote was the first Senate showdown on the sweeping legislation. Democrats failed to get the 60 votes today needed to begin debate. One Democrat, Sen. Ben Nelson of Nebraska, voted with the Republicans to delay the start of debate.

Republicans said they hope to secure a bipartisan compromise on the legislation, which aims to prevent a recurrence of the 2008 financial crisis. Democrats indicated they did not intend to cede much ground and vowed to test the Republican unity with another vote this week. Senate Majority Leader Harry Reid switched his vote to "no," in a maneuver that allows him to call for a new vote. (More financial reform stories.)

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