Washington Post’s take
April 26, 2010 | federal legislation, industry | Comments (0)This is good summary of what’s going on:
While the procedural vote delays formal consideration of the overhaul bill, lawmakers in both parties have said they expect it will ultimately be debated — and passed — in the coming weeks, though the exact contours of the final legislation remain uncertain.
There are signs that at least a handful of Republicans will ultimately vote for some form of the bill. Democrats in recent days have increasingly coalesced around the far-reaching legislation. They are eager to pressure Republicans into a difficult vote, in which liberals could characterize those who oppose the bill as trying to protect Wall Street.
Monday’s vote also came after a new Washington Post-ABC News poll shows that about two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business.
Sen Richard C. Shelby, the lead Republican negotiator, said that he and Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, are “conceptually very close” to a deal on the pending bill but that Shelby is pushing to “tighten up some language.”
Shelby said the changes he wants focus on three key areas: the particulars of a proposed regulator to protect consumers against lending abuses; the details of new government powers to wind down large, troubled firms without using taxpayer money; and measures to establish oversight of the sprawling and largely opaque market for financial derivatives.
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