GOP Blocks Vote on Financial Reform Again

Wednesday, April 28, 2010

Republican elephant and Democratic donkey napkins (lamenta3/flickr)

For the second day in a row, Republicans blocked another vote on President Barack Obama's financial reform bill.

The Wall Street Journal reports that Republicans voted 57-41 to block action on the floor on Tuesday. Democrats need 60 votes to move the legislation out of the Senate.

Republicans are blocking the bill because they say it will hurt small businesses and that it will allow the use of taxpayer bailouts for large financial institutions. They want to prohibit using taxpayers' money to bail out banks. Democrats hope to avoid another financial crisis like the one in 2008 by giving an independent regulator power to force companies to set aside money to offset derivatives losses. The regulator would also be charged with protecting consumers of mortgages, credit cards and other loans against lending abuse.

Many elected officials are frustrated by the lack of progress on the Senate floor. "I hope the American people start putting some pressure on Republicans," Senator Byron Dorgan (D-ND) told The Journal.

Others think it will be some time before a decision is reached. "I think it's too big a divide," Senator Bob Corker (R-TN) said.

Democrats have scheduled another vote on the legislation today.

For more WQXR coverage of this story, click here and here.

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