FACEBOOK
TWITTER
GOP retreats, abandons blocking of banking regulation
Greed and Banks
Popular opinion drives the elected representatives for a change.
WASHINGTON – Republicans set the stage Wednesday to lift their blockade against legislation to tighten regulations on Wall Street, opening a road to likely passage for the most sweeping rewrite since the Great Depression.
GOP lawmakers said they would now try to change the bill on the Senate floor. Democrats said the Republicans simply had realized they were losing the battle for public opinion.
Earlier in the day, Republican senators had blocked the beginning of floor debate for a third straight day, contending they needed more time to try to work out compromises with Democrats in private talks. Republicans huddled in the late afternoon on their next step.
There had been signs that some Republicans were growing weary of continuing to block the bill after President Barack Obama and other Democrats accused them of siding with Wall Street, an institution that rivals Congress in its unpopularity.
Sen. George Voinovich, R-Ohio, said on Tuesday he would vote to let the bill advance to the Senate floor if bipartisan talks were no longer progressing.
“I have an idea of how much time it takes to cut a deal,” he said. “If that’s not possible, then we go on.”
Sen. Sheldon Whitehouse, D-R.I., said Wednesday, “There’s been immense pressure bottled up inside the Republican caucus through these last three votes. A lot of their members have been very deeply unhappy with the direction their leadership has been taking them. Better heads prevailed.”
Obama, winding up a Midwest tour promoting the legislation, said he was pleased the debate would proceed.
“The time for reform is now,” the president said
Short URL: http://www.veteranstoday.com/?p=29125
Posted by Yanira Farray on Apr 28 2010, With 0 Reads, Filed under Corruption, Legislation, Politics. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
COMMENTS
To post, we ask that you login using Facebook, Yahoo, AOL, or Hotmail in the box below.Don't have a social network account? Register and Login direct with VT and post.
Before you post, read our Comment Policy - Feedback
[...] This post was mentioned on Twitter by Veterans Today. Veterans Today said: Veterans Today: GOP retreats, abandon blocking of banking regulation http://bit.ly/czXOeu [...]
We don’t need sweeping reform, we don’t even need reform, we just need restoration – of Glass-Steagal.
BB
Republicans and Democrats dont want to cut the hand that feeds them. big corporations and bankers contribute millions of dollars to politicans campaigns.only thing that drives both parties is MONEY. RE-ELECTION EVEY (4) years.its time to run both republicans and democrats out of Washington.
Yeah, like the regulators can’t be corrupted by the money power in this country. bankers own this government–top to bottom, they own the military too.