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After fits and starts, U.S. bank bill ready for passage

After fits and starts, U.S. bank bill ready for passage

A sweeping overhaul of America's financial regulations stands on the verge of reaching President Barack Obama's desk after a year of partisan struggles and delicate cross-party courtships that promised more and delivered less.
Only three Senate Republicans say they voted for the bill during a key vote yesterday that will set the stage for final passage.
The Republican Party is betting that the bill's ambitious goals will be lost on voters and instead feed an election-year narrative that Democrats stand for more intrusive government.
But the bill bears the fingerprints of many other Republicans. Senate Banking Committee Chairman Chris Dodd, a Democrat, negotiated several provisions with key committee Republicans such as Richard Shelby and Bob Corker. Neither, though, intends to vote for the bill. That those bipartisan talks even occurred was remarkable in the highly politicized atmosphere in Congress. That they failed to expand the bill's base of support illustrates how much things remain the same.
The bill has been Obama's top domestic priority after the passage of health care legislation, and if it passes, will make major changes to the U.S. financial system in hopes of avoiding another major financial meltdown. But this day almost didn't come. In an interview, Dodd recalled how two months ago, struggling to secure 60 votes to simply start debate on the bill, some Democrats urged Senate Majority Leader Harry Reid to abandon the legislation and blame it on Republicans.
"There were some who wanted to quit on the bill," Dodd said. Their reasoning, according to Dodd, was, "Why not just hold a press conference and denounce them (Republicans) for not allowing us to get there and try to reap whatever political benefits you could?"


Updated : 2021-05-09 01:43 GMT+08:00