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Financial Reforms Face Key US Senate Vote

   VOA News 26 April 2010
   Sen.  Richard Shelby, R-Ala., ranking Republican on the Senate Banking
   Committee,  right,  accompanied by committee Chairman Sen. Christopher
   Dodd, D-Conn

Photo: AP

   Sen.  Richard Shelby, R-Ala., ranking Republican on the Senate Banking
   Committee,  right,  accompanied by committee Chairman Sen. Christopher
   Dodd,  D-Conn.,  takes part in the committee's hearing on Capitol Hill
   in Washington (File Photo)

   A  sweeping  overhaul  of the U.S. financial regulatory system faces a
   key  procedural vote in the Senate Monday. Unless Democrats can muster
   60  of  the  Senate's 100 votes, opposition Republicans could keep the
   measure from even coming up for debate.

   A  sweeping  overhaul  of the U.S. financial regulatory system faces a
   key  procedural vote in the Senate Monday. Unless Democrats can muster
   60  of  the  Senate's 100 votes, opposition Republicans could keep the
   measure from even coming up for debate.

   The  plan, proposed by President Barack Obama and his fellow Democrats
   in  Congress,  is  designed  to  regulate  banking practices that many
   believe contributed to the global economic crisis.

   The  legislation  calls  for setting up a mechanism to liquidate large
   troubled  financial  institutions, create a consumer protection agency
   and regulate complex financial transactions known as derivatives.

   Republicans  are  threatening  to block debate on the bill saying they
   object  to  a proposed $50-billion bailout fund for the banks, and the
   formation of a consumer protection agency.

   Despite the differences, Senate Banking Committee Chairman Chris Dodd,
   a  Democrat, and the panel's top Republican, Richard Shelby, have said
   the two sides could eventually reach agreement on the legislation.

   The  House  of  Representatives  has  already  passed  its  version of
   financial  reform,  and  if the Senate passes a bill, the two chambers
   would  have  to  agree  on  a  common version before it is sent to the
   president for final approval.

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