Financial Reform

GOP Votes to Block Floor Debate

Senate Democrats may have lost a key vote on financial reform Monday evening, but party leaders say they'll keep voting on the same bill until it passes—which they’re confident will be soon. Their “ace in the hole,” according to Politico? Goldman Sachs CEO Lloyd Blankfein, who’ll be testifying at a Senate hearing Tuesday, and who’s sure to “shine a light on some of the very practices that Democrats say the regulatory reform bill is meant to abolish.” Democrats are also banking on support from moderate Republicans who “won’t want to take a PR hit” by blocking the legislation. Meanwhile, Senate Minority Leader Mitch McConnell has promised to maintain GOP opposition to the bill. The Democrats’ far-reaching bill failed to clear an important hurdle Monday evening, as Senate Republicans voted to block the start of floor debate. In a 57 to 41 vote, the Dems did not reach their filibuster-proof 60 votes. Senator Ben Nelson was the sole Democrat to side with the GOP, expressing concerns over tighter rules regulating derivatives trading. Lawmakers on both sides of the aisle are hopeful, however, that an agreement will soon be reached.