April 28th, 2010
03:31 PM ET
13 years ago

Senate Dems to force night session on financial reform bill

Washington (CNN) - Top Senate Democrats have said they intend to keep the Senate in session Wednesday night as they try to formally open debate on a financial regulatory reform bill.

"We think it's critical to get to the debate. We think Wall Street reform must get done and must get done now," said Sen. Ben Cardin, D-Maryland. "We suspect that (Republicans) want to weaken this bill."

Earlier Wednesday, Republicans turned back efforts to launch Senate debate on such a measure. It was the third vote in 48 hours on the motion and, for the third time, unanimous Republican opposition decided the outcome.

Cardin said he didn't believe Democrats would force a vote to break a GOP filibuster until Thursday morning at the earliest. He indicated that Democratic leaders believe they are running out of time, however, to pass financial reform before members turn their attention to the looming midterm elections.

Ideally Democrats and Republicans "should work together," Cardin said. But unless the Senate starts debating the bill, "we'll never be able to consider it in a timely manner."

Cardin's announcement of a potential all-night Senate session came one day after President Barack Obama challenged Republicans to allow public debate on proposed financial reforms, telling an Iowa crowd that it's "not right" for the GOP to prevent the proposal from coming up in the Senate.

GOP senators say the proposal is too broad and needs to be tightened in closed-door talks with Democrats before coming to the Senate floor for debate.

"The American people deserve an honest debate," Obama told an Iowa crowd.

"You should not have to have to wait one more day."

Obama said Senate Republicans "unanimously blocked efforts to even begin debating reform."

"They won't let it [the bill] get on the floor to be debated," he said.

"It's one thing to oppose reform, but to oppose just even talking about reform in front of the American people and having a legitimate debate? That's not right."

The proposed reforms are intended to prevent another Wall Street meltdown like the one that led to the U.S. recession, Obama said.

"We can't let another crisis like this happen again," he said. "We can't have such a short memory that we let them convince us that we don't need to change the status quo."

Senate Democrats have accused their Republican counterparts of stalling momentum on the bill in an attempt to water it down.

One moderate Republican, Sen. George Voinovich of Ohio, has indicated he will switch his vote from "no" to "yes" if bipartisan negotiations on the bill between fail to reach agreement soon.

Updated: 4:01 p.m.

Filed under: Democrats • Financial Reform • Senate • Wall Street
soundoff (45 Responses)
  1. Patriott

    To Russ,
    Since you clearly do not have much intelligence, i will simply remind you that Democrats have received more than 5x the amount of funding from wall street than republicans...please check your facts before making ignorant statements...typical ignorant, useless liberal.

    April 28, 2010 04:26 pm at 4:26 pm |
  2. Chipster

    Dodd didn't do this alone. He only has one vote, Dude. But explain to me why the GOP failed to pass regulations for over 6 years that they had a majority in all 3 branches of government? Democrats didn't have enough votes to override a veto or to filibuster. So, tell me why? Why do Tea Partiers claim that Obama is responsible for the bailouts and auto industry takeover when it was Bush who signed both of those pieces of legislation? They also never offer any other solution.

    April 28, 2010 04:27 pm at 4:27 pm |
  3. Sgt. USMC

    You righties are so full of crap it has affected your ability to make sense. God forbid congress does what they are supposed to; work for the people. The bottom line is that you will never be satisfied with anything the Democrats and President Obama does. You talk of bipartisan as if you have reached out to anything that has been put on the table. You are all a bunch of little whiny babies on the playground (using terms you and your alaskan princess can understand) who refuse to play unless things go your way. Please keep it up because the more you obstruct the slimmer the chances are of you gaining the majority in November (as if you had any chance, thank bush!). I think you will very soon find out that things aren't always what they seem. From what I can tell, you all want to start partisan political strategy which will alienate the majority of young voters, that's how out of touch you are. Thank God for Arizona, they have given the Dems the ammunition to launch a successful political campaign that will stretch out to 2012. There's your maverick again, giving the Dems the White House and now the House and Congress. Thank steele, can't forget mr. sugar daddy. I am not psychic but I predicted victory for Obama in 2008, ok ok, to be honest it wasn't that hard because the repubs messed up this country with bush under the helm. Anyhow, it's only been a year and a half, we don't forget that easily repubs. We know how you would rather destroy our beautiful country if you can't have it all to yourself. Tough luck buddies, you all can try to take your country back while we are taking our country forward.

    April 28, 2010 04:28 pm at 4:28 pm |
  4. Liberal4Obama

    Republicans love those Wall Street checks, they sold us all out like Judas sold Jesus for a few silver coins

    April 28, 2010 04:28 pm at 4:28 pm |
  5. PalmReaders

    I no longer have the stomach to watch or listen to the compassionate conservatives of Reagan's GOP being lead down this train wreck of GOP hypocrisy and lies.

    Whatever the GOP DID stand for is now long gone, replaced with in-fighting, bickering, and backstabbing ugliness.

    Not a platform to build great ideals upon. Certainly not one the American people can accept and hold on to as a nation.

    April 28, 2010 04:30 pm at 4:30 pm |
  6. stevegee

    Fannie Mae and Freddie Mac were a major cause of the Great Recession. If those two pet political projects aren't part of the so-called "financial reform" bill, then it's a huge waste of time. Because soon, Fannie and Freddie are going belly-up and guess who's going to be left holding the bill? The taxpayers.

    April 28, 2010 04:31 pm at 4:31 pm |
  7. Anonymous

    Look at all the lies by the GOP bloggers, simply RIDICULOUS

    April 28, 2010 04:34 pm at 4:34 pm |
  8. 8 Years of the Bush Error = Recession and Record Unemployment for ? Years.

    I am glad the Dems are finally calling the cons out on their games and this threat of filibustering.

    Let the American people see just how obstructionist the Reds are being.

    I say keep it in session until they have to give up the filibuster because no one can stay awake.

    April 28, 2010 04:34 pm at 4:34 pm |
  9. Hendrik

    Keep them in session I say. Make them GOP fools wallow in the mud these pigs created.

    April 28, 2010 04:35 pm at 4:35 pm |
  10. Sgt. USMC

    You guys love to take shots and we are tired of it. For too long Dems kept quiet while the likes of palin, rush and sean demonized the President. It's over, all gloves are off. Thanks for making us realize how REPUBLICANS HATE AMERICA. We will see you in November and we'll be there to see you cry in December. Then, we start this all over. Until 2012, you'll cry in 2013. This is the new America folks, get over it or GET OUT!

    April 28, 2010 04:37 pm at 4:37 pm |
  11. standard-g

    Funny if it wasn't frightening how far off the cliff we have already dropped since the conserveitives left control.
    Easy to see why they picked that old man n Pal around gal.
    Consumer driven economy yea , they consume us .
    Half thinking they can make it a much better world the other half attempting to blow it up cause they worry the other may get something they don't.
    There is ticking bomb called CDO's 608 trillion dollors in made up bank play money, Demo or republican independent , matters not we shall all see together and pay together .....what AAA rating

    April 28, 2010 04:38 pm at 4:38 pm |
  12. Hugo

    You just gotta love it... The economic meltdown was precipitated by an economic meltdown during the Clinton Administration, over you guessed it, derivatives... So in essence, the private arm of the Federal government (Treasury) created the financial vehicle for our economic downfall. If that wasn't bad enough, they then gassed it up with unlimited and mandated home loans made to unqualified recipients by Fannie and Freddie. Now, in a political move to sway the idiot base (Sniffit and Peter, is that you?) they aim their sights on Wall Street, all the while ignoring who and where the problem originated from. For them to do so would require accountability and responsibility within our functioning Government and you know that is out of the question, I mean what is the worst that would happen, a reprimand, right? Porn anyone?

    I find all of this as humorous as Obama preaching fiscal responsibility now......that's like a crack head watching the cash register on a Friday night. I'm not a Republican or Democrat, but I don't buy in to what is transpiring in my country right now.The GOP needs to stand up and speak up, not just continue to sit on their hands and the Democratic voters that are true Moderate Democrats need to throw these radicals out of office.

    April 28, 2010 04:39 pm at 4:39 pm |
  13. one voice

    The GOP should be banished from American Politics, PERIOD

    April 28, 2010 04:40 pm at 4:40 pm |
  14. joe smith

    mr clinton is not so sure Goldman broke any laws..seems to me his wife was notorious in selling short..hum..bet her war chest swelled during that period..anybody want to check..

    April 28, 2010 04:43 pm at 4:43 pm |
  15. Wisconsinite

    Oh the Republican Party is so DONE in November 2010! We, the sane people of this country, are going to FIRE THEM!

    April 28, 2010 04:52 pm at 4:52 pm |
  16. Peter

    at least the Dems are on the side of the American people by going after criminals...now if only the Republicans will go after the mine owners in Wva who ignored the code violations that led to the death of the miners in Wva awww nah nah they wouldnt after taking campaign contributions of over $360,000 from the owner who mostly gave 90% of his contributions to Rpublicans and 10% to other political bodies Republican affiliated.....

    April 28, 2010 04:52 pm at 4:52 pm |
  17. Hugo

    Yes Anonymous, you are correct, I should be more definitive when railing about derivatives. Mortgage derivatives, that is the culprit I speak of, when did owning a home become a commodity future to bet upon like pork bellies and sardines? If that were the case, then would not the Federal Government overseeing government backed loans from which these mortgage derivatives are to based have the fiduciary responsibility to the tax payer to assure that the loans were qualified? DC should look at themselves as well as Wall Street!

    This is the tip of the iceberg and for those that think this is over, you ain't seen nothing yet!

    April 28, 2010 04:54 pm at 4:54 pm |
  18. Wisconsinite

    stevegee April 28th, 2010 4:31 pm ET

    Fannie Mae and Freddie Mac were a major cause of the Great Recession

    That line is sooooooo old and tired! Get a new one or shut up!

    April 28, 2010 04:56 pm at 4:56 pm |
  19. Me! In Houston, Texas

    I am glad the Dems called their bluff. the next two years are going to go by quickly

    April 28, 2010 04:58 pm at 4:58 pm |
  20. Richard-Arkansas

    Forget breaking for elections (and even week-ends) until you have done your job. No one goes home. Do your jobs. Bring in the cots.

    April 28, 2010 05:00 pm at 5:00 pm |
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