Financial Reform: Impasse Broken, Republicans Guaranteed Opportunity for Amendments

Published April 28, 2010, 5:27 pm, CST

by Diane W. Collins



Sens. McConnell and Shelby




Sens. Mitch McConnell, Richard Shelby, Harry Reid and Chris Dodd announced moments ago on the Senate floor the decision to allow S.3217, Restoring American Financial Stability Act of 2010 to move forward to debate. Sen. McConnell thanked the Republican caucus for hanging together and giving Sen. Shelby and others the time needed to tighten up the language on "too-big-to-fail." Sen. Shelby stated although the bill through negotiations is more to the Republican liking than it was three days ago, there are still areas of disagreement.


However, Republicans have been given assurances by Majority Leader Harry Reid (D-NV) and Sen. Chris Dodd (D-CT) that they will be allowed to present amendments to the bill addressing those differences. Republicans believed with cause that had they allowed S.3217 proceed to the Senate floor in its original form, a vote for cloture would have been called. This would have closed all debate, defeating any attempt to present amendments to the bill. The Democrats then could have voted to pass S.3217, Restoring American Financial Stability Act of 2010 with a simple majority.














Further reading: