April 26th, 2010
04:56 PM ET
4 years ago

Senate vote to kick off Wall Street reform push

Washington (CNNMoney.com) – The full Senate is poised to vote Monday evening on whether to take up Wall Street reform, but key lawmakers still lack a deal to get the debate started.

"Today's vote to begin debate on Wall Street accountability will answer many questions," said Senate Majority Leader Harry Reid on Monday. "It will reveal who believes we need to strengthen oversight on Wall Street and who does not."

However, congressional aides and veterans watchers do not expect Democrats to get the 60 votes needed to overcome a filibuster stopping any official debate before lawmakers on the Senate Banking Committee negotiate a deal.

Democrats and Republicans still disagree about the way to go about preventing future bailouts, cracking down on risky bets and ensuring consumers have stronger protection.

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Filed under: Harry Reid • Wall Street
soundoff (35 Responses)
  1. Video Guy

    Has anybody reminded the Republicans that for at least for now they are the loser party and should start showing a little more respect for their Commander-in-Chief.

    April 26, 2010 05:02 pm at 5:02 pm |
  2. GuyinVA

    Is there anything the extreme left (now the mainstream democratic party) doesn't want to regulate? Oh, right. The Mexican border.

    April 26, 2010 05:03 pm at 5:03 pm |
  3. File under "Sarcasm"

    Yeah, Harry, let's rush out another poorly thought out bill like healthcare to score political points.

    Doesn't matter if it's a good bill, it only matters that it looks like the Democrats are doing something. the trouble is that the only something they're doing is expanding government again with new bureaucracies to sit around with their thumbs up their butt until another crisis comes along

    April 26, 2010 05:08 pm at 5:08 pm |
  4. Mickey, NY

    Uh oh....showtime, Republicans!

    Do you vote for financial reform, or, do you do everything in your power to derail it, obstruct it, at the cost of the next 4 to 6 election cycles?

    ...what to do...what to do...

    GOP: domestic terrorists

    April 26, 2010 05:10 pm at 5:10 pm |
  5. ThinkAgain

    Here are my suggestions for “preventing future bailouts, cracking down on risky bets and ensuring consumers have stronger protection”:

    1. Prevent future bailouts by breaking up the big banks that are supposedly "too big to fail." Make them pay into a fund so if they get in trouble, they have to bail out their own fannies.

    2. Crack down on risky bets by re-instating Glass-Steagall. If those supposedly smart boys on Wall Street can't make enough money by actually earning it and not through reckless, fixed better, then they don't deserve to!

    3. Ensure consumers have stronger protection by putting the consumers first and the fat cats of Wall Street second. It is, after all, OUR MONEY they are using – the least they can do is protect their customers. We are tired of feeding Wall Street's addiction to gambling and if they can't handle their decrease in wages, they can bloody well quit and get a real job doing real work elsewhere!

    April 26, 2010 05:10 pm at 5:10 pm |
  6. 8 Years of the Bush Error = Recession and Record Unemployment for ? Years.

    I say make the neo-cons filibuster, that way the spectacle will show all of American that the Reds are for Wall Street Welfare.

    April 26, 2010 05:15 pm at 5:15 pm |
  7. Allen in Hartwell GA

    Although there has to be some Republicans who would be willing to work for and vote for a bill, in the end I don't think the "party mentality" will allow any of them to support reform. Sad.

    April 26, 2010 05:18 pm at 5:18 pm |
  8. Marty, FL

    So, Senate Republicans do not even want to debate?? What sad cowardice while our nation needs finance reforms & consumer protections.

    Make these Republicans do a real filibuster this time, standing with their obstructive nonsense in front of the American people. Expose a shameful GOP siding with Wall St. greed over Main St. interests.

    April 26, 2010 05:24 pm at 5:24 pm |
  9. Claudia, Houston, Tx

    They can't agree until everybody has gotten their fair share of lobbyist payoff. Disgusting.

    April 26, 2010 05:26 pm at 5:26 pm |
  10. Every

    Where is the Tea Party" protest against Repuglicans siding with Wall and Banks people who ripped off Americans and have not released loans to businesses for hiring the unemployed! They are the ones who really caused this economic debacle which taxpayers went on the hook for, now they won't admit guilt, or give loans which would allow busineses to hire unemployed Americans! This is a travesty of the worst kind all with "repuglican blessing." Repuglicans are not for ordinary Americans, so Palin, O'Rielly, Cantor, Boehner, Limbaugh, Bauchman and MCconnell are in opposition to Americans, and alighned with crooks on Wall Street! No surprise there, repuglicans left this country on the cliff economically, did not pay for nothing, left 8 trillion in deficit, 1.3 trillion in yearly deficit, 2 Wars, 2 nuclear conflicts, a Wall Street, Banking, Auto, Mortgage, Healthcare, Immigration, and Educations crisis for President Obama and democrats to cleanup! Repuglicans will not win in November!

    April 26, 2010 05:31 pm at 5:31 pm |
  11. Sgt. USMC

    Way to go repubs!

    Way to stand up for wall street.

    Someone has to stand up for the little guy. right?

    Lord knows those folks on wall street are struggling to make it.

    I don't mind you taking from my single income family of 4 to help the needy wall street folks.

    I'm glad to help wherever I can.

    I'm sure if I was struggling those wall street folks would reach into there deep pockets and lend me a few bucs to feed my family.

    Thanks again republicans. Thanks for telling 2/3 of Americans that we don't matter.

    Oh where are thou TEA party? Where are you when we need you?

    April 26, 2010 05:31 pm at 5:31 pm |
  12. B

    You can thank Ragan for starting this orgy of deregulation of everything which led to the situation that we now find ourselves in!

    It seems that this country always allows extremism to direct our future policies.

    Obama is now being accused of being extreme to normalize what was nearly destroyed by the Republicans in the last eight years.

    April 26, 2010 05:33 pm at 5:33 pm |
  13. Carmelle

    GuyinVA April 26th, 2010 5:03 pm ET
    Is there anything the extreme left (now the mainstream democratic party) doesn't want to regulate? Oh, right. The Mexican border.

    -----------

    Do you hate Dems so much that you can't even think or see straight? Are you really defending those bastards on WS? How else are you going to get them to stop? Please share your ideas on how to FIX the problem, instead of just hating...that's too easy.

    April 26, 2010 05:34 pm at 5:34 pm |
  14. Annie, Atlanta

    The Republicans voted in lock-step against reforming Wall Street. And we want to put these clowns back in office in November, and maybe add to their numbers. This is an incredible slap in the face by people who are supposed to represent us. It says loud and clear exactly who they represent. Where are your protests now, tea baggers?

    April 26, 2010 05:37 pm at 5:37 pm |
  15. Carmelle

    This is just a vote to open debate! JUST TO OPEN DEBATE.

    To make amendments
    To add things that you think are needed
    To remove what you think is not good
    To avoid making deals under the table
    For all to know what is in the bill

    Why would the Republicans want to stop that? Are they hiding something? I am not defending the dems, but it just doesn't make any sense to me. Right now, I see them as the party who is trying to do something.

    April 26, 2010 05:40 pm at 5:40 pm |
  16. Smith in Oregon

    I'm looking forward to the Democratic lawmakers continuing to doing the work they were hired for, sadly the Republican party of NO are acting lock step like spoiled little children without any orders from their special interest corporate masters other than Obstruct, Delay and Block.

    April 26, 2010 05:42 pm at 5:42 pm |
  17. Terry From West Texas

    This headline is misleading. The Senate is not ready to do anything. The US Senate has not missed an opportunity to miss an opportunity since 1865 – except for a brief moment of glory when Lyndon Johnson was Majority Leader.

    I note with amusement the comments of hayseeds who say that Democrats are once again trying to expand government, as if the Reagan-Bush-Bush administrations reduced the size of government or government spending. Those administrations added $8.5 TRILLION to the national debt.

    Am I the only one who remembers all of the Conservatives on the news shows blaming a "failure of government regulation" for the housing bubble which started The Great Recession?

    Now Conservatives figure we have forgotten that lie and will not quibble about the new lie, which is that Liberals are once again saddling those poor CEOs with onerous government paperwork when they would rather be figuring out ways to pay their employees more and make America a stronger happier nation.

    Fool me once, shame on you.
    Fool me twice, shame on me.
    Fool me a hundred times in fifty years and I must be a Republican voter.

    April 26, 2010 05:42 pm at 5:42 pm |
  18. Conservative Democrat

    There are many kinds of derivatives. Futures contracts for corn, for instance, are what farmers deal with to deal with possible price swings in their commodity. The prices of the futures are based on a real thing, corn, as in the price of corn now, and where it is forecast to be in the future. The derivatives that are totally bogus are the ones based on paper, like the derivatives that Goldman Sachs are in trouble for. They took groups of mortgages and then created a financial instrument that allowed you to bet on whether or not the mortgages would be paid off. These types of derivatives have nothing to do with investing in companies. They are created so that the financial institutions that create them can make money. Period. They have no real value to society. They are also, as the Sachs case points out, easily manipulated.

    April 26, 2010 05:44 pm at 5:44 pm |
  19. nadeem

    Where is the tea party now? It just proves that the tea party is a fake movement that really just hates the fact that an AA is in office. If they had integrity they would be marching in the streets against the GOP.

    April 26, 2010 05:46 pm at 5:46 pm |
  20. Annie, Atlanta

    GuyinVA, do you have any idea that the deregulation of Wall Street that started under Reagan and finished under Bush is the reason our economy collapsed here a year and a half ago. Have you not read anything about the how and whys of it all? Do you not realize that the bankers on Wall Street nearly destroyed us in one of the biggest ponzi schemes ever cooked up?

    Maybe you need to stop watching Fox News for a week, and catch up. The water you drink, the food you eat, the schools you attended, the roads you drive on, the air you breathe, the electrical appliances in your home, the safety features of your vehicle. We live in a world where our government keeps us a little safer because of their regulations. However, if you prefer no government, I hear Somalia doesn't have one to speak of.

    April 26, 2010 05:46 pm at 5:46 pm |
  21. Conservative Democrat

    Oh, I forgot. Anyone who has lived through the last few years who doesn't think that financial institutions need to be regulated either works for one, or is a complete moron. The Schnook and the Crook kept telling us that if we let these companies do what they wanted, they would ultimately benefit the economy. How did that work out?

    April 26, 2010 05:47 pm at 5:47 pm |
  22. aunt Bea and Opie

    I wish we could regulate stupidity but that would be like wishing Limbaugh and his cheeseheads to vaperize.hahaha

    April 26, 2010 05:49 pm at 5:49 pm |
  23. Jerry "Schoolteacher" Dunn

    Hey! While you guys are trashing the Republican Party....Have you heard about the CONSPIRACY between franklin Raines (former "freddie Mac" ceo), John Ayers (Bill Ayers' brother), Goldman Sachs(four former employees are working for Obama in the Whitehouse, as I write this), The CCX, and then Senator Barack Obama in 2006, that is, the basis for Cap and Trade...Bloomberg says it'll make investors 10 TRILLION DOLLARS A YEAR...Al Gore has invested all his money in the CCX.???? No? Of course not CNN, ABC, CBS, NBC, NY Times, Newsweek and Time are all in on it, but won't report it, because Obam may get impeached if anybody finds out!! Ain't that a hoot?? I bet all you Koolaid drinkers are callling me crazy!! LOKK IT UP!!! I dare you.....JGDunn Hollow Rock, TN

    April 26, 2010 05:50 pm at 5:50 pm |
  24. gcole

    I am sooo glad the Dems are finally making them put their money where their mouth is. Let the American people see what the reps are doing. A 30 second sound byte can capture the filibuster.

    April 26, 2010 05:55 pm at 5:55 pm |
  25. Boo

    Since Obama has a personal relationship with all the Goldman Sachs visits to the white house and $1m of their money we know he is on board.

    April 26, 2010 05:55 pm at 5:55 pm |
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