WASHINGTON – Republican senators stood together again yesterday to filibuster an attempt by the Democrats to move to a vote on the Wall Street reform bill, even as Democratic leaders vowed to try a third time today to break the stalemate.
The Democrats failed to get the 60 votes needed to overcome the filibuster, with all 41 Republicans voting against, along with Nebraska Democrat Ben Nelson and Senate Majority Leader Harry Reid, in a procedural move that will allow the Nevada Democrat to try to overcome the filibuster again Wednesday. Republicans say they want more time to work on a bipartisan compromise before considering the plan on the Senate floor.
The stakes for Wall Street have risen exponentially over the past few days as Democrats have added provisions to the bill that would require the big banks to shed their lucrative derivatives trading operations.
The credit union lobby is watching the debate for potential opportunities of its own. "We continue to strongly support Wall Street reform but want to find a way to reduce the regulatory impact on credit unions," said Dan berger, chief lobbyist for NAFCU. "At the same time, we are seeking opportunities for amendments on member business loans and alternative capital."
Senate Banking Committee Chairman Christopher Dodd, the Connecticut Democrat who wrote the bill, is negotiating toward a compromise with Alabama Senator Richard Shelby, the banking panel’s top Republican. “The sooner we get to this debate, the quicker we can resolve matters,” Dodd told reporters.
Dodd said he plans to support an amendment by Senator Barbara Boxer, a California Democrat, which would ban the government from using any taxpayer money for bailouts. The amendment would address Republicans’ main objection to the bill, which they say would set up a permanent bailout of Wall Street banks and create bureaucracies.
