Finance Reform Battle Delayed…Again

Fight disinformation. Get a daily recap of the facts that matter. Sign up for the free Mother Jones newsletter.


The financial reform battle—that is, to even start the full debate in the Senate—continues on here on Capitol Hill. For the third time in as many days, Senate GOPers defeated a vote to start debating financial reform legislation, a bill that would try to end future taxpayer bailouts, create a new consumer protection agency to guard against predatory lenders and dangerous products, and shed light on the opaque, $450 trillion over-the-counter derivatives market. The vote was 56-42, with centrist Sen. Ben Nelson (D-Neb.) again voting with Republicans. Majority Leader Harry Reid ultimately voted against the bill, too, a maneuver that allows him to schedule another vote which could happen as early as Thursday morning.

The losing vote wasn’t entirely surprising, as Sen. Chris Dodd (D-Conn.), a top Democratic negotiator on financial reform, said earlier Wednesday morning that his party still didn’t have the votes to begin the debate. Remarks on Wednesday by Sen. Richard Shelby (R-Ala.) suggest the gulf between the two parties remains gaping and it could take several more days before an agreement is finally reached. “Are we close to wrapping up a comprehensive deal? No, we’re not close to that,” Shelby told MSNBC.

ONE MORE QUICK THING:

Or at least we hope. It’s fall fundraising time, and we’re trying to raise $250,000 to help fund Mother Jones’ journalism during a shorter than normal three-week push.

If you’re reading this, a fundraising pitch at the bottom of an article, you must find our team’s reporting valuable and we hope you’ll consider supporting it with a donation of any amount right now if you can.

It’s really that simple. But if you’d like to read a bit more, our membership lead, Brian Hiatt, has a post for you highlighting some of our newsroom's impressive, impactful work of late—including two big investigations in just one day and covering voting rights the way it needs to be done—that we hope you'll agree is worth supporting.

payment methods

ONE MORE QUICK THING:

Or at least we hope. It’s fall fundraising time, and we’re trying to raise $250,000 to help fund Mother Jones’ journalism during a shorter than normal three-week push.

If you’re reading this, a fundraising pitch at the bottom of an article, you must find our team’s reporting valuable and we hope you’ll consider supporting it with a donation of any amount right now if you can.

It’s really that simple. But if you’d like to read a bit more, our membership lead, Brian Hiatt, has a post for you highlighting some of our newsroom's impressive, impactful work of late—including two big investigations in just one day and covering voting rights the way it needs to be done—that we hope you’ll agree is worth supporting.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate