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Senate approves financial reform in a late night vote

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The Senate passed sweeping financial reform legislation last night, aimed at keeping the financial sector from collapsing as it did in 2008. The final vote was 59-39, with four Republicans joining the majority party to get the bill through. Two Democrats remained opposed to the bill, saying the Senate measure didn't include tough enough regulations.
 
Republican Senators Olympia Snowe and Susan Collins from Maine, Chuck Grassley from Iowa, and Scott Brown from Massachusetts all voted yes, with Grassley saying that this bill sends a message  to Wall Street.

"There’s no question this bill has flaws," Grassley said. "Big ...

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Financial reform moves to Senate vote

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After a second procedural vote this afternoon, the Senate was able to shut down debate on S. 3217, Restoring American Financial Stability. Exactly three-fifths of the senate, including 3 Republicans, voted in favor of the motion, which passed 60-40. Two Democrats voted no.

It is likely that the final vote on the bill will be as early as tomorrow.

The newly elected senator from Massachusetts, Scott Brown, joined the two Republican Senators from Maine, Olympia Snowe and Susan Collins, in delivering yes votes. In a statement, Brown said he was assured by Sen. Reid, D-Nev., that “the issues related to ...

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Financial reform regulation held up by its own creators

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Last night’s vote by the Senate to end the debate on S. 3217, Restoring American Financial Stability, failed 57-42 with two majority party senators voting no; we'll be following the proceedings as events warrant on Sunlight Live.

Senate Majority Leader Harry Reid, D-Nev, planned to end the debate yesterday, preventing any more amendments from being added to the bill, and moving forward with final debate and a vote on the bill itself. Reid will instead have to attempt cloture once again--most likely later today.

Among the Democrats who dissented were Sen. Maria Cantwell, D-Wash., and Sen. Russ Feingold ...

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Foster, now facing Hastert’s son, still dipping into personal wealth

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A bid by the son of longtime House Majority Leader Dennis Hastert to defeat the man who replaced his father is far from a sure thing, but if nothing else, a respectable showing by the younger Hastert could keep the incumbent, Bill Foster, from replenishing his personal bank account.

The abrupt resignation of the elder Hastert in 2008 triggered a special election that was characterized by the exceptional reliance on personal funds: Businessman and scientist Bill Foster loaned his campaign two million dollars to defeat Jim Oberweis, a dairy-products magnate who blew through $3.8 million in personal funds vying ...

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