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

Wall Street reform fails key vote

[cnn-photo-caption image= caption="Sen. Harry Reid and Democrats failed to secure enough votes to end debate on Wall Street reform legislation."]Washington ( - 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. John D

    This bill will be another meaningless bill if it does not include fannie and freddie and the crats know it. The waste and cost of those two entities is enormous. Similar to the waste of the Dept of Energy. Shut them all down!

    May 19, 2010 07:05 pm at 7:05 pm |
  2. Gil

    Once again the Party of NO is holding Americans hostage. Since they created the banking mess I guess they want to continue with deregulation and no consumer protection! This Party has got to go!

    May 19, 2010 07:06 pm at 7:06 pm |
  3. Patty Patriot

    Since this bill doesn't include fannie/freddie – for once this congress did a good job in not passing it.

    May 19, 2010 07:09 pm at 7:09 pm |
  4. montag

    Feingold and Cantwell are right. This bill doesn't go far enough. Back to the drawing board, solons.

    Make this bill stronger! If at first you don't succeed – try, try again.

    May 19, 2010 07:24 pm at 7:24 pm |
  5. Duane Bernard, Tucson, Az

    There they go again .... supporting big money / big business instead of the average working American of the USA. The Republican Party has never over the last 70 years supported the working families of the USA. They always side with their "masters" the rich. It's sad that once in office they are "one thought- one mind" of the big money. They sound like a broken record .... repeating the same talking points posted first thing in the morning. Don't any of these people think for themselves? The tea baggers are just as bad .... no individual thoughts or ideas .... just what they are told to say by some cigar smoking cocktail drinking corporate money guy. Good luck with that!

    May 19, 2010 07:28 pm at 7:28 pm |
  6. 60s survivor

    yep. we know who is really in control. it ain't politicians. no really. something much more sinister. and they have plenty if money. the tea party ain't got a clue either. pawns is what they are. plain and simple pawns

    May 19, 2010 07:31 pm at 7:31 pm |
  7. E. Holder-Hypocrite

    Yes! Thank You!

    May 19, 2010 07:34 pm at 7:34 pm |
  8. mercado

    Well, great work Republicans, you just extended me not voting for you from 10 years to now 15-30 years.

    Good work, we don't need Wall Street reform, because it is "socialist", same for our schools as well. Because this president is a marxist socialist. /sarcasm

    I hope the United States citizens realize what is happening and what the GOP is doing(voting NO), that way, 2010 will have the republicans being voted out. Unfortunately, that won't happen, and there will be more obstructionism and more filibusters and even more no votes.

    May 19, 2010 07:49 pm at 7:49 pm |
  9. Chuck Anaheim, Ca

    Did ANYONE expect anything else from those idiots that call themself republican? That's the way it will have to be America, they care not for the people they profess to care so much about, only their corporate pay masters matter to them. I sometimes wish we were an actual Socialist country like Swedem, at least we would lead a better life than we are now.

    May 19, 2010 07:57 pm at 7:57 pm |
  10. Nothing is too big to fail

    Audit The Fed..................

    May 19, 2010 08:03 pm at 8:03 pm |
  11. oldtimer

    The people will fix things come November. Goodbye to all imcumbents.

    May 19, 2010 08:13 pm at 8:13 pm |
  12. ThinkAgain

    De-regulation of business started under Reagan took our country and the world to the brink of economic collapse.

    It's beyond me how anyone can defend these "free marketers" who only care about making money for themselves and their cronies.

    Unless, of course, they are one of those cronies ...

    May 19, 2010 08:24 pm at 8:24 pm |
  13. once upon a horse

    yep we're for sure gonna give the GOP the majority in November so they can keep the Wall Street and Healthcare Insurance compaines happy. U Betcha! (wink)

    May 19, 2010 08:48 pm at 8:48 pm |
  14. JES

    To me it means that you can't even balance the budget how are you going to try and fix Wall Street.

    Try the budget first

    May 19, 2010 09:03 pm at 9:03 pm |
  15. WHAT

    Republicans only work for wall street money, they never work for Main street.

    May 19, 2010 09:09 pm at 9:09 pm |
  16. Kaley Trends

    Harry Reid to reform Wall Street? Don't make me laugh!

    May 19, 2010 09:12 pm at 9:12 pm |
  17. nadeem

    THe party of no has become the party of wall street

    May 19, 2010 09:14 pm at 9:14 pm |
  18. Hammerer

    Someone should tell Reid that the American voters are feed up his kind!

    May 19, 2010 09:19 pm at 9:19 pm |
  19. DENNA

    Republicans and the Tea Party may spell the end of America as we know it. You may THINK President Obama's "socialist" agenda is bad, just let the Rethugs and the Tea Party get a grip on us. President Obama is not a Socialist, a Communist or any other 'ist'. He is a good American president who is trying his best to help this country while the jack-booted Tea Party is trying its best to drag this country back to the 19th Century. Slave chains anyone?

    May 19, 2010 09:20 pm at 9:20 pm |
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