Financial Reform - Kill The Bill 2 - U.S. Chamber of Commerce Urges "No" Vote

[TomCADem]

It seems like the U.S. Chamber of Commerce is going to try to repeat its efforts in trying to kill reform. The Republicans will try to create a strawman alternative bill to take attention away from the fact that they are blocking reform of derivatives.

http://www.daytondailynews.com/business/democrats-push-bank-controls-gop-delays-action-672297.html

Democrats push bank controls; GOP delays action

WASHINGTON — Undaunted by a Senate setback, Democrats appeared increasingly confident Monday they will be able to take advantage of Americans' anger at Wall Street and push through the most sweeping new controls on financial institutions since the Great Depression.

The Senate, in a 57-41 vote, failed to get the 60 supporters needed to proceed on the regulatory overhaul. One Democrat, Sen. Ben Nelson of Nebraska, joined with the Republicans.

But the evening vote was just part of a legislative ballet keeping bipartisan talks alive. At the end, Senate Majority Leader Harry Reid switched his vote to "no," too, but that was just a maneuver that will enable him to call for a new tally as early as Tuesday. If that failed, Reid planned another vote Wednesday.

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The U.S. Chamber of Commerce, which has been leading a lobbying effort against the legislation, sent senators a letter Monday urging them to vote against Democratic efforts to move on the bill.

Polls show the public increasingly eager to slap restrictions on financial institutions. Moreover, a lawsuit by the Securities and Exchange Commission accusing Goldman Sachs of fraud has gotten attention at this critical time.