May 19th, 2010
04:44 PM ET
4 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.

Full story


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

    Anythhing Reid and the democrats want has got to be good for the unions and bad for the hard working Americans in the country. That is the way they think and why they will be gone after the 2010 elections. And we should be completely free of this insainity after their slimy, corrupt president goes down to defeat in 2012, sooner if he is impeached or chooses to resign due to his incompetence.

    May 19, 2010 05:50 pm at 5:50 pm |
  2. Limbaugh is a liberal

    Surprise, surprise! Republicans continue to protect their wall street buddies!

    May 19, 2010 05:51 pm at 5:51 pm |
  3. Rick McDaniel

    The Dems are so inept, it takes them months to do anything, even when they are in control of Congress.

    May 19, 2010 05:52 pm at 5:52 pm |
  4. Peter E

    So, when there is a crisis Wall Street complains the government isn't meddling enough and they whine until they get their bailouts. But if the government dares ask for anything in return so that we can avoid future crises that's meddling too much? Hypocrisy alert!

    May 19, 2010 05:53 pm at 5:53 pm |
  5. Val in MA

    Hey, read the article. Two Democrats voted against this bill: Sen. Cantwell and Sen. Feingold. The bill would have passed if these two voted in favor (Harry Reid also cast a procedural Nay vote). Don't blame the Republicans, it's now Democrats that are running scared not knowing what to do with themselves. The Democratic majority will be over come November – accept the fact.

    May 19, 2010 05:55 pm at 5:55 pm |
  6. bob (Illinois)

    This is ridiculous. Get the job done!

    Once again it appears like the Republicans voted as a block. Do members of that party want Wall Street reform or not?

    May 19, 2010 05:56 pm at 5:56 pm |
  7. honestmistake

    I don't think most of you even know what today's vote was about, you just see Dems good, Reps bad. The vote today was to end discussion on amendments that have not been resolved:

    • Whether to exclude auto dealers from the oversight of a consumer financial protection bureau
    • Banning commercial banks from trading in speculative investments
    • Imposing state interest rate caps on credit card issuers

    May 19, 2010 05:57 pm at 5:57 pm |
  8. 8 Years of "Trickle Down" Economics has only left a wet spot on working America's shoes!

    The party of NO scruples votes to continue their legendary protection of "Wall Street Welfare" and to Hell with the welfare of the folks on Main Street.

    And CNN, you felt the need to report this as news?

    May 19, 2010 05:59 pm at 5:59 pm |
  9. Alex

    Oh, geez. What a bunch of d-bags we have in the United States Senate. Can't do anything right.

    May 19, 2010 06:00 pm at 6:00 pm |
  10. Jeff in Houston

    I wonder who Wall Street managed to buy. Doesn't really matter. They can afford any representative or judge they need to in order to have their way. I would just like to know which ones and for how much. It's nice to know the going rate for justice these days.

    Say! There is an idea! The high-priced gift for the Neiman-Marcus catalog this year! Your very own Senator!

    May 19, 2010 06:01 pm at 6:01 pm |
  11. normajean

    Why do we expect the voters to get any help from the repubs. Their attitude on this bill just ensures that Wall Street and it's band of crooks will continue to literally take the bread out of the mouths of average Americans. We CANNOT GET BACK TO A NORMAL LIFE AS LONG AS OUR FINANCES ARE JUGGLED BY WALL STREET. They get bonuses while we the people get layed off. The people want this bill to pass and anyone who says otherwise is LYING.

    May 19, 2010 06:07 pm at 6:07 pm |
  12. Charles Jones

    This is another instance of "your own party" helping to smear all the good the Obama administration trying to solve many of the problems thar most of the congressmen and women have been trying to solve for years. Why don't they just come out and say they're just rallying against Obama? It's plain to see where these people are coming from.

    May 19, 2010 06:10 pm at 6:10 pm |
  13. Sick and tired of Lazy GOP

    The republicans are sore losers who donot believe that their behavior will have negative consequences in November. Their intentions were never to support the Finance Regulations Bill; their real motives were to pretend that the bill will not be an effective bill via CSPAN. Even though they have made admendments to the bill, most of them are not supporting the bill. Can any one tell me why?

    May 19, 2010 06:10 pm at 6:10 pm |
  14. Marie MD

    The party of NO does it again. I wonder how much money wall street has paid them under the table to continue to screw the little guy and the vanishing middle class (if there's anyone still left that can claim that title).
    If the election yesterday didn't open your eyes to where we are as citizens, then I don't know what will.
    Whatever happened to a public servant serving those who voted for them. It's all about me, me and how much money I can make while the going is good.
    You are pathetic!

    May 19, 2010 06:10 pm at 6:10 pm |
  15. Claudia, Houston, Tx

    Thank you Republicans for letting all Americans know you still believe in supporting the rich who rob the poor.

    May 19, 2010 06:22 pm at 6:22 pm |
  16. btw

    When are these dem idiots going to get it? they have no credibility left anymore, and how many elections will it take to get it?

    Obambi has no clothes (let alone papers, birth certificate, records – you know stuff that you and me must have to show everywhere).

    May 19, 2010 06:30 pm at 6:30 pm |
  17. susie

    Apparently, people don't read. Democrats, especially Obama, got the most money from Wall Street.

    May 19, 2010 06:32 pm at 6:32 pm |
  18. Henry Miller, Libertarian, Cary, NC

    "We can be sure that if a bunch of Rand Paul types win in November 2010, banking reform will be dead..."

    No, it's far more likely that the pressure on Fannie Mae and Freddie Mac to provide high-risk mortgages, backed by taxpayer money, to people who are just about certain to default, will be ended.

    It's far more likely that bailouts of badly managed–but strongly unionised–companies won't happen.

    It's far more likely that there won't be any more "stimulus" boondoggles that mostly only stimulated the growth of local governments, and unions of government workers.

    Rand and Ron Paul are not pro-big-business. They're very much for letting businesses, including banks, fail if the businesses screw up.

    May 19, 2010 06:34 pm at 6:34 pm |
  19. Fed Up!

    Those Wall Street stooges known as the Republican Party are again putting their wallets ahead of sorely needed reforms for which the entire country is clamoring.

    Can the GOP be more out of touch with the average American or what?

    May 19, 2010 06:37 pm at 6:37 pm |
  20. D.

    The "Wall street" reform as it is, is about stopping innovation in this country and stopping start up companies from being funded.
    It is a bill by people who never worked in their life! (This government is of the people who never worked, by the people who never worked and for the people who will never work!)

    May 19, 2010 06:40 pm at 6:40 pm |
  21. Brandon V. in DFW

    Why does everything no take 60 votes in the US Senate to pass?

    I recall under the Bush administration the republicans weren't anywhere near 60 votes but got stuff passed. Now I understand that the democratic party is more willing to compromise and do the work of congress, but this is getting ridiculous, 57 votes for is a loss, wow.

    May 19, 2010 06:40 pm at 6:40 pm |
  22. Gerry NH

    Why do you blame the republicans as being in bed with wall street. You don't relize that your president has over his political career receive almost $16 million for Goldman Sachs. Also the Volker clause will hurt the banks and investment that are not part of this wall street bunch.

    May 19, 2010 06:44 pm at 6:44 pm |
  23. Victim of GOP Taliban

    Yeah what a pathetic bunch of bums the Republicans are. We know y'all met with the Wall Street executives and McConnell probably promised to block any "reform" in exchange for $ * cough * err campaign donations.

    May 19, 2010 06:48 pm at 6:48 pm |
  24. harold

    So the USA is a Democracy huh?.. It takes 60 votes out of 100 in the senate to pass a Law?. What kind of Democracy is that where the majority vvote is supposed to prevail.. to be considered a Democracy.. The Senate is more like a Politburo..... if you ask me.. Its sure not a Democracy...no way..The USA the land where the majority vote does not count in the Senate I mean Politburo...Communism if you ask me? In the USA Senate... Strange.. even the so called Conservatives like it that way.. and they like Freedom?.. Give me a break fellows..

    May 19, 2010 06:53 pm at 6:53 pm |
  25. BeverlyNC

    Republicans are really stupid. Americans want the banks re-regulated so we the People are protected from their risky and greedy behavior. Banks have always been regulated with common sense rules – until Republicans deregulated and let them run wild and bring down our economy. Republicans STILL are working against working families and only protecting the large corporations who abuse us.

    Republicans deregulated the banks – they failed
    Republicans deregulated the drug industry – prices skyrocketed
    Republicans deregulated the oil industry – gas prices soared and now we have an huge oil spill that BP Oil had lied about every single day – guess who is trying to protect BP? Republicans.

    How many more Republican disasters do the American People have to endure???? Get these anti-People jerks out of office now!

    May 19, 2010 06:57 pm at 6:57 pm |
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