Skip to main content

Fin reg bill clear for Senate vote

The US Senate has voted to end debate over the financial regulations bill, clearing the way for a final vote on the bill in Senate.

Details from The New York Times:

"The Senate voted on Thursday afternoon to close debate on a far-reaching financial regulatory bill, putting Congress on a glide path to approving a broad expansion of government oversight of the increasingly complex financial markets that is intended to prevent a repeat of the 2008 economic crisis.


The vote was 60 to 40, with three Republicans joining the Democratic majority in favor of ending the debate. Two Democrats voted with 38 Republicans in opposition to finalizing the bill.
.."

Here's the Times' take on Republican opposition to the bill and the countdown to the Senate vote:

"...Senate Republican leaders, adopting an election-year strategy to oppose virtually every initiative supported by the Obama administration, also voiced loud criticism of the legislation while trying to insist that they still wanted tougher policing of Wall Street.

The Republicans, who had a strong role in drafting the bill and won a number of their amendments, seemed to be calculating that voters these days trust the federal government even less than Wall Street and what accept the Republicans’ contention that Democrats in Washington are in cahoots with bank behemoths like Goldman Sachs.

The vote on Thursday essentially hit the button on a 30-hour countdown for the Senate to complete its debate and dispense with outstanding amendments."

The NY Times also mentions that the final 30 hours of debate could be avoided by a unanimous Senate vote, and that "once the Senate bill is approved" (a done deal, eh?) it must be reconciled with a similar bill passed by the House in December.

Interesting to note the contrast in coverage between the Times' story and the Wall Street Journal's, which notes Republicans' opposition to the bill's "excessive intrusion by government into the markets". None of that sort of talk to be found in the Times piece (surprise, surprise).

For more details on what is in the financial reform bill, and discussion of the legislation's merits and drawbacks, please see yesterday's post, "The Latest on the US Financial Reform Bill".

Update: "Senate passes financial regulation bill" (Washington Post).

Popular posts from this blog

Jesse Livermore: How to Trade in Stocks (1940 Ed. E-book)

If you've been around markets for any length of time, you've probably heard of 20th century supertrader, Jesse Livermore . Today we're highlighting his rare 1940 work, How to Trade in Stocks (ebook, pdf). But first, a brief overview of Livermore's life and trading career (bio from Jesse Livermore's Wikipedia entry). "During his lifetime, Livermore gained and lost several multi-million dollar fortunes. Most notably, he was worth $3 million and $100 million after the 1907 and 1929 market crashes, respectively. He subsequently lost both fortunes. Apart from his success as a securities speculator, Livermore left traders a working philosophy for trading securities that emphasizes increasing the size of one's position as it goes in the right direction and cutting losses quickly. Ironically, Livermore sometimes did not follow his rules strictly. He claimed that lack of adherence to his own rules was the main reason for his losses after making his 1907 and

New! Finance Trends now at FinanceTrendsLetter.com

Update for our readers: Finance Trends has a new URL!  Please bookmark our new web address at Financetrendsletter.com Readers sticking with RSS updates should point your feed readers to our new Finance Trends feedburner .   Thank you to all of our loyal readers who have been with us since the early days. Exciting stuff to come in the weeks ahead! As a quick reminder, you can subscribe to our free email list to receive the Finance Trends Newsletter . You'll receive email updates about once every 4-8 weeks (about 2-3 times per quarter).  Stay up to date with our real-time insights and updates on Twitter .

Moneyball: How the Red Sox Win Championships

Welcome, readers . T o get the first look at brand new posts (like the following piece) and to receive our exclusive email list updates, please subscribe to the Finance Trends Newsletter .   The Boston Red Sox won their fourth World Series title of t he 21st century this we ek. Having won their first Se ries in 86 years back in 200 4, the last decade-plus has marked a very strong return to form for one of baseball's oldest big league clubs. So how did they do it? Quick background: in late 2002, team own er and hedge fund manager, John W. Henry (with his partners ) bought the Boston Red Sox and its historic Fenway Park for a reported sum of $ 695 million. Henry and Co. quickly set out to find their ideal General Manager (GM) to help turn around their newly acquired, ailing ship. This brings us to one of my fav orite scenes from the 2011 film , Moneyball , in which John W. Henry (played by Ar liss Howard) attempts to woo Oakland A's GM Billy Beane (Brad Pi