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Released: May 18, 2010

Senate gets ready to act on financial regulations

Source: Brady Dennis, Washington Post (Free Registration)

Democratic leaders gave notice late Monday that they intend to wind down the weeks-long debate over new financial regulations, even as lawmakers continued to churn through proposed changes to the massive bill.

“This cannot be delayed any longer,” Majority Leader Harry M. Reid (D-Nev.) said Monday afternoon on the Senate floor. Hours later, he and other senators filed a motion, known as cloture, that sets up a likely vote on Wednesday to limit further debate and paves the way for a final vote on the bill, potentially by week’s end.

The wide-ranging legislation—a top Obama administration priority—would create a new consumer protection watchdog, establish oversight of the vast derivatives market and give the government authority to wind down large, troubled financial companies. The bill would also create a council of regulators to monitor risks to the financial system and give shareholders more say in how corporations are run.

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