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Third Cloture Attempt to Start FinReg Debate Fails

With Democrat Sen. Ben Nelson (D-Neb.) siding again with the Republicans -- none of whom crossed over to vote for cloture to start debate on Sen. Chris Dodd’s

Jul 31, 2020
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With Democrat Sen. Ben Nelson (D-Neb.) siding again with the Republicans — none of whom crossed over to vote for cloture to start debate on Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill — the effort has failed for the third day in a row on a vote of 56 to 42. Reid immediately moved to reconsider, meaning that the Senate will make a fourth attempt tomorrow.
Dodd and Majority Leader Sen. Harry Reid (D-Nev.) have repeatedly slammedRepublicans for blocking the start of formal debate on the bill, saying that they are keeping negotiations secret and that the two parties should hammer out their differences on the floor.
In truth, the two bills are not that dissimilar. One major change in the Republican proposal— the reform of Fannie and Freddie — is too complex to insert into the Dodd bill. But many other changes would be easy to sub in. Senate staffers say negotiations are centering on the Democrats’ adoption of the Republican version of resolution authority, which is virtually identical in the Republican proposal except that that any losses incurred by the government are recouped after the formal liquidation, rather than before (via the Obama bill’s $50 billion fund).
The Republicans viewed as most likely to switch continue to be Olympia Snowe (Maine), Susan Collins (Maine) and George Voinovich (Ohio).
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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