WASHINGTON. Senate Republicans mustered enough votes yesterday to block debate of a financial regulation reform bill, dealing a temporary setback to its Democratic backers and the Obama administration.
The vote will send key lawmakers back to the negotiating table to hammer out a bipartisan compromise, with modified legislation expected to return to the Senate floor soon.
President Barack Obama and the Democrats want to tighten the rules on banks and capital markets to prevent a repeat of the 2008-09 financial crisis, which tipped the economy into a severe recession and unleashed reform efforts worldwide.
Many Republicans say they see a need for reform, but oppose the Democrats’ bill as an overreach by government.
“All of us want to deliver a reform that will tighten the screws on Wall Street. But we're not going to be rushed on another massive bill,” Republican Leader Mitch McConnell said on the Senate floor.