–Key Republican Senator Says Unable To Make ‘Meaningful Progress’
–But Sen. Shelby’s Comments May Signal End to GOP Filibuster
–Sen. Dodd: Republicans Want to ‘Weaken’ Consumer Entity
By John Shaw
WASHINGTON (MNI) – Sen. Richard Shelby, the ranking Republican on
the Senate Banking Committee, said Wednesday that his talks with the
panel’s chairman, Sen. Chris Dodd, have reached an “impasse.”
But in a statement, Shelby hinted that it was time for Republicans
to allow the formal debate on the Senate floor to begin.
Shelby said that he will “defer to their (fellow Republican
senators) individual judgements on whether the Senate begins a floor
debate on this bill.”
Senate Republicans have voted three times this week to block a
formal debate on the financial regulatory bill.
In his statement, Shelby said the talks with Dodd made some
progress on the issue of ending bailouts of banks, but then added that
the continuing negotiations would be fruitless.
“We have been unable, however, to make any meaningful progress on
other important components of the legislation. It is now my belief that
further negotiations will not produce additional results,” he said.
Shelby said Dodd’s bill calls for a “sprawling new consumer
protection bureau that will find and force its way into facets of our
economy that had nothing to do with the housing crisis.”
Shelby also said the Democratic bill includes provisions on
derivatives that were developed “behind closed doors.”
Shelby said these provisions would have “far-reaching and
devastating effects” on the American economy. Dodd released his own
statement after Shelby’s, in which he said Republicans are trying to
“weaken” the consumer protection unit.
“It is time for this debate to begin,” Dodd said.
Earlier today, Senate Republicans, for the third time this week,
voted to block a Democratic motion to formally begin debate on a
financial regulatory reform bill.
The Senate voted 56 to 42 to begin the debate on financial
regulatory reform. Sixty votes were required to begin the debate.
All Republicans who were present voted to block the debate from
going forward. All Democrats voted to begin the debate except for
Nebraska Senator Ben Nelson and Senate Majority Leader Harry Reid.
Reid voted against the motion for procedural reasons. This will
allow him to bring up the motion again Thursday.
A fourth Senate vote had been set for Thursday.
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]