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 CNN.com.
"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.