Posted by Admin | April 29th, 2010

A financial regulation bill has been in the works for weeks now at the Capital. The controversy didn’t even wait until the debate to start–the Democrats couldn’t even muster a vote to get cloture. That means they could not even open the bill for debate because of a filibuster by Republican senators. That has come to an end today.

Republicans have dropped their objections to Democratic efforts to begin debate on a sweeping overhaul of financial regulations.The move ended GOP tactics that had stalled the bill. Republicans said they would attempt to change the bill on the Senate floor after reaching an impasse with Democrats on efforts to compromise in private talks.

Richard Shelby, the top Republican on the Senate Banking Committee, said he had received assurances that Democrats would adjust the bill to address GOP concerns that it would perpetuate bailouts of banks.

Regardless of your politics, a debate is likely to be more productive. Republicans are hoping to change the bill on the floor of the Senate. The bill will have massive effects on business in the United States, especially in the financial industry, but also on the larger economy.