Financial Reform Debate Begins in Senate

Now that the debate is officially on in the Senate, both Democrats and Republicans will try to give the financial overhaul bill its final fit and finish.

The Associated Press
Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., left, accompanied by Senate Majority Leader Harry Reid of Nev., gestures during a financial reform news conference on Capitol Hill in Washington on Wednesday.

WASHINGTON (AP) - Now that the debate is officially on in the Senate, both Democrats and Republicans will try to give the financial overhaul bill its final fit and finish.

Republicans will take particular aim at the magnitude of consumer-protection provisions that President Barack Obama says are vital. Liberal Democrats are expected to seek to limit the size of banks.

The result is likely passage, eventually, for the most sweeping rewrite of financial rules since the Great Depression.

Republicans yesterday abandoned their blockade of the bill aimed at preventing a recurrence of the crisis that knocked the nation's financial system to its knees in 2008.

Democrats still need 60 votes to get past other procedural obstacles, a number they can't reach without at least one Republican on their side.


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