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Wall Street Reform Bill Fails To Advance In The Senate

May 24, 2010 by  

Wall Street reform bill fails to advance in the Senate Following nearly a year of contentious debate, the Democrats’ Wall Street reform bill stalled in the Senate last week, as all but two Republicans voted against the measure designed to overhaul the financial regulatory system.

Joining the GOP in preventing the advancement of the bill were two Democrats—Senators Maria Cantwell (D-Wash.) and Russ Feingold (D-Wis.)—who oppose the legislation because they do not feel that it goes far enough.

Soon after the vote, Senate Majority Leader Harry Reid (D-Nev.) criticized Republicans for blocking a piece of legislation that would prevent bailouts and strengthen consumer protections, according to

"Wall Street and, obviously, 39 out of 41 Republicans… think that things going on, on Wall Street, are just fine," Reid said. "I think that’s a real stretch to think the American people think that they want this to go on as in years past."

Meanwhile, Senate Minority Leader Mitch McConnell (R-Ky.) said that the bill is just another example of the increasingly intrusive nature of big government.

"Not only does the bill still contain a massive new government agency with broad new powers over consumer spending and Main Street businesses, it does nothing to rein in Fannie Mae and Freddie Mac, the main protagonists in the financial meltdown," said McConnell.

Reid indicated that the Democrats plan to hold another vote on the bill in the coming days.

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  • http://NA Karen

    It seems as though any time I respond to a story about the White House and it’s members, I always want to start out with the phrase “You gotta be kidding me”!!!!!

    You Gotta Be Kidding Me….Harry Reid! What about the decision “NO” don’t you understand. You are not allowed to keep processing this bill until you get the answer YOU want. That is illegal. You are a selfish and disturbed and dillusional man. You have long out lasted your usefulness and I do believe that you are suffering from a mental disorder. I am not being flip. You and Nancy Pelosi can not see how they are dismanteling this country. One BILL at a time. It is all a scam and more and more people are finally waking up and realising this.

    Google these words (separately will give you more information) Obama and CCX, Van Jones and The Joyce Foundation, Obama and Andy Stern, Congress held over weekend to vote for healthcare, not allowed to go home It goes on and on people. Google this stuff and then make up your mind. And based on Obama’s effort to find people like me who talk like this, I may or may not be offering more posts in the future. Let’s see how long it takes them to discard ME.

  • Palin12

    If I were a Republican in Congress, I would vote NO on all of the demoncrats proposed bills after what the latter did in pushing through Obamacare. They said they didn’t need us then, so they don’t need us now.

  • Jim H.

    All but two Republicans voted AGAINST it. Who are the two RINO’s who voted for it? They should hang their heads in shame. We know who the Dem’s are that voted against it because it didn’t go far enough. How far do they think it should go? I just don’t trust the most inept people in the country trying to legislate something so important to our country, that they know so little, if anything about. I hope EVERY bit of legislation is blocked for the rest of the year. After the newly elected senators and congressmen are sworn in, then we can get back to business.

  • Anthony

    Check out this Huffington Post written Article on the subject —

    Due to a procedural necessity, Harry Reid had to switch his vote to a “[ no ].”
    Maine GOP Senators Susan Collins and Olympia Snowe voted “yes.”
    Alaska Senator Mark Begich barely made it in time to vote, telling reporters afterward he had “something with my family.”
    Arlen Specter was a no-show.

    I would like Bob Livingston, to sound off about this “procedural necessity” that pencil-neck Harriet Reid somehow was FORCED to follow. Personally, I think it’s hoodwink conversation – in other words – it’s bull$hit. Procedural Necessity, my a$$.

    What we see here, is Harry Reid knowing the Bill doesn’t go far enough and therefore is trying to save his own bacon back in Nevada, with the moneyed elite in and around Vegas, even though, he’s already been caught “threatening” the Press in Las Vegas itself (and more than once). I know people who used to live there, and they say the ballot box is rigged in that State like nobody’s business. Almost NO ONE in that State likes the guy. Whereas, here in the Midwest, alot of people are saying good, if not great things about Mike Pence. You choose your own sheets on this one.

    Notice Arlen Specter is a NO SHOW…. them’s some real guts there. …NOT

    Oh, and Poster Karen? … Maybe you should google up the video (on Google) called: The Money Masters. After that, you need to read up on Alexander Hamilton and what the difference is between that and Jeffersonian-ism. Once a US Citizen grasps the philosophies behind what I’m asking you to research … then, you can see the REAL REASON as to why they are making the moves that they are. Hell, it’s bad enough that (in my mind) they keep pretending the 16th Amendment is both legal (it’s not) and that it was legally ratified (it was not).

    Harry Reid is trying to have it both ways on this Vote. Harry’s Handlers don’t want this Bill pushed thru – while at the same time, they might accept a LIMITED version of what RON PAUL has been pushing for since he came on the scene as a Senator. [I haven't made my mind up about his Son, Rand Paul, just yet]

    IF WE DO NOT SEE A FULL ACCOUNTING OF THE FEDERAL RESERVE, then it will all be smoke & mirrors. Like OTR Truck Drivers were known to do – they have two sets of books… and the real Books belong to the Rothschild Family.

    I would ask everyone seriously start looking at one issue – of which, this BILL is a small part of the overall picture and effort that “some” are attempting to do. The very last 10 to 20 minutes of The Money Masters actually lists some IDEAS that the American People can and should give credence to. Also check out how old this Video is… and then ask yourself a few obvious questions.

    The more you check out this other information, as I point out, then the easier it starts to become in figuring out these “crazy” machinations from Lifer Politicians.

  • s c

    Does anyone see Cantwell or Feingold as role models? Reid crapped in his own nest, and will go the same humiliating route as Specter shortly.
    Wall Street reform is simply another Obummer ruse. On the bright side, there are only so many ways to put thick coats of icing on a fecal cake. More and more, I think everyone in Congress should have to submit to a blood alcohol test.
    Elected vermin are even more dangerous than drivers who text on our streets and highways. How can anyone defend these subhuman slimers?


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