May 19th, 2010
04:44 PM ET
5 years ago

Wall Street reform fails key vote

Sen. Harry Reid and Democrats failed to secure enough votes to end debate on Wall Street reform legislation.
Sen. Harry Reid and Democrats failed to secure enough votes to end debate on Wall Street reform legislation.

Washington (CNNMoney.com) – After months of negotiation and debate, far-reaching legislation to overhaul the rules of Wall Street failed a key test vote in the Senate on Wednesday, casting a shadow over Democratic efforts to push the effort forward.

The measure aims to stop bailouts, shine a light on complex financial products and strengthen consumer protection.

The vote was 57 to 42. Under Senate rules, Democrats needed 60 votes to move ahead to a final vote.

Senate Majority Leader Harry Reid, D-Nev., had said he wanted a final vote by the end of the week. But now the next steps are unclear.

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Filed under: Wall Street
soundoff (69 Responses)
  1. geecee

    No surprise there! The Repubicans will go on and on and on to protect their buddies on Wall Street as long as they possibly can stall, right until the bitter end. Such upstanding guys, those Repugs.

    May 19, 2010 04:48 pm at 4:48 pm |
  2. GI Joe

    Republicans protectin wall street buddies.

    Just like they won't help on immigration because ccorporate buddies need the cheap labor.

    WAKE UP PEOPLE.

    May 19, 2010 04:48 pm at 4:48 pm |
  3. Shari from Madison WI

    Wonderful, Wall street gets another pass. The almighty dollar gets another endorsement. The rich will continue to get richer and the so called middle class will continue to disappear.

    May 19, 2010 04:52 pm at 4:52 pm |
  4. Reginald

    You-"no"-who obstructed reform yet again. They want "less government" which means in plain English 'let the robber barons rule.' Democracy for Main Street my arse. They want it to be big buck$ for their Wall $treet sugar daddies 24/7. Then let them–the Main Streeters–eat not cake but burgers and fries.

    May 19, 2010 04:55 pm at 4:55 pm |
  5. Ken in Mt

    So the republicans don't want to have their backers rice bowl broken, even if that rice bowl threatens the economy of the nation. Once again short sighted economic policy puts us all at risk down the road. I'm gotten used to this sort of BS from the party of"NO"

    May 19, 2010 04:55 pm at 4:55 pm |
  6. Every

    I WANT THE MERLEY-lEVIN AMENDMENT PASSED! Repuglicans and Democrats are so corrupt they will not even consider a bill which really deal with the casino gambling with taxpayers money!

    May 19, 2010 04:55 pm at 4:55 pm |
  7. GI Joe

    Give us names of people that voted NO.

    May 19, 2010 04:57 pm at 4:57 pm |
  8. Dennis

    Harry Reid is irrelevant and he knows it. Talk about a lame duck

    May 19, 2010 04:57 pm at 4:57 pm |
  9. How Can A Tea Partier Support The G.O.P.

    If they are in bed with Goldman Sachs, the hedge fund cheats and Wall Street Banks?

    May 19, 2010 05:06 pm at 5:06 pm |
  10. Steve

    The shameless party of no and 2 dinos strike again.

    May 19, 2010 05:08 pm at 5:08 pm |
  11. Joseph B

    Question: what happened to the people who demanded strict up or down votes when they were in majority?
    Answer: the hypocritical politicians fell into the minority.
    Do the Republicans really want democracy? The answer is no. They want power and money.

    May 19, 2010 05:10 pm at 5:10 pm |
  12. Marty, FL

    Read:
    The GOP sides with Wall St. (again) and sadly fails to represent Main St. Americans.

    If these Senate Republicans continue to obstruct much-needed financial reform, make them do a REAL filibuster. The GOP should have to stand before the American people (tea partiers included) to show their Republican alliance with Wall St. greed & hedge fund managers.

    The American people need proper oversight in place & our consumer protections. Financial Reforms Now.

    May 19, 2010 05:10 pm at 5:10 pm |
  13. Len Smith

    Whenever anything is for the good of the country and all Americans, the Republican party does what they have always done, vote no. The party of NO has been around for along time and has never done anything for the average American, nothing.

    May 19, 2010 05:11 pm at 5:11 pm |
  14. FRANK - LAS VEGAS

    So the GOP voted in favor of their banking buddies instead of the American who elected them, again! They continue to help their deep pocket friends and the American public, after all the American public keeps falling for their lies so take the money and protect their friends in banking. Does anybody see anything wrong with this system? When will the republican base learn that their GOP congressmen and senators have been lying and screwing them?

    Vote NO in NOvember to the party of NO.

    May 19, 2010 05:14 pm at 5:14 pm |
  15. David

    Stupid republicans, no brainer legislation, again playing political games and sucking up to potential political doners rather than helping the people.

    May 19, 2010 05:14 pm at 5:14 pm |
  16. Larry

    This bill was a banker's dream and represented no financial reform at all.

    You congress people take heed-we're watching every vote you make.

    Some of you old politicans maybe haven't heard of the internet.

    May 19, 2010 05:15 pm at 5:15 pm |
  17. T

    Everybody talking about Harry, but all you know is what you read or hear. Harry has done a lot for NV. Lay off the man ...just think about it.
    Silly you.

    May 19, 2010 05:15 pm at 5:15 pm |
  18. Ben in Texas

    The Party of No has just done another huge favor (payback, actually) for their masters, the bankers of Wall St.

    May 19, 2010 05:15 pm at 5:15 pm |
  19. Bob of Lompoc

    Republican "Know Nothings", or "No Nothings", screwing things up again.

    May 19, 2010 05:24 pm at 5:24 pm |
  20. dc

    The Republicans are bought and sold by WALL ST.

    May 19, 2010 05:25 pm at 5:25 pm |
  21. stevegee

    The vote failed because the so-called reform bill is socialist in nature. And it's wrong for a market economy.

    Wake up people! In 2010, vote American, vote Republican!

    May 19, 2010 05:35 pm at 5:35 pm |
  22. JonDie

    We can be sure that if a bunch of Rand Paul types win in November 2010, banking reform will be dead and the Wall Street fatcats who ripped us off in November 2008...will get a raise. The Tea Party stand for unlimited corporate profits and total anarchy.

    May 19, 2010 05:37 pm at 5:37 pm |
  23. chris b

    Nice work Republicans... keep everything de-regulated – it works well in Finance, Oil, Food etc. (sarcasm)

    May 19, 2010 05:46 pm at 5:46 pm |
  24. bess

    a vote in the right direction. government is already meddling it's stinky nose in too many places.

    May 19, 2010 05:48 pm at 5:48 pm |
  25. CONNIE

    Repubs don't protect the wall st people, Obama and the Dems recv'd alot of campaign money from Wall street. And you Americans want reform on the banks and what so the banks won't lend out any money, no one can use the almighty credit cards, the banks employ million of people so they can lose their jobs because everyone is upset that they make the big bucks and the peons make so so. The gov't can't fix everything. And if companies don't get richer then people don't have jobs. American people are just getting stupider or what. quit drinking the Kool-aid and start taking responsibility for your own debt. too many people are walking away from their debts and banks are suppose to pick up the tab.

    May 19, 2010 05:50 pm at 5:50 pm |
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