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GOP Blocks Two Key Anti-Wall Street Amendments
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| Contributor | RP |
| Last Edited | RP May 18, 2010 04:25pm |
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| Category | Proposed Legislation |
| News Date | Tuesday, May 18, 2010 10:00:00 PM UTC0:0 |
| Description | Senate Republicans blocked Democrats from voting on two amendments Tuesday that are strongly opposed by Wall Street.
Sen. Richard Shelby of Alabama, the top-ranking Republican on the Banking Committee, rose to object to a vote on one of the most talked-about amendments, cosponsored by Sens. Carl Levin (D-Mich.) and Jeff Merkley (D-Ore.). Levin-Merkley would ban commercial banks from trading for their own benefit with taxpayer-backed money.
Shelby followed up by blocking a vote on an amendment from Sen. Byron Dorgan (D-N.D.) that would have banned naked credit default swaps, which were at the heart of the financial crisis. Dorgan's amendment was expected to fail, but Levin-Merkley had been surging in recent days.
When it looked as if Levin-Merkley had at least 50 votes, the threshold was moved up to 60. Now that it appears within striking distance of 60 votes, the new tactic is to deny it a vote altogether. |
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