Senate Debate on Reg Restructuring Unclear
The Senate could vote again as early as today to attempt to begin consideration of a regulatory overhaul bill.
Lawmakers are trying to break a legislative logjam on the measure, which Republicans and some Democrats contend will allow for taxpayer bailouts of financial firms that are considered too big to fail. A proposal to begin debate was defeated yesterday, mostly along party lines.
The provisions of the measure most impacting credit unions, the creation of a new entity to regulate consumer financial products, have not been among the major sources of controversy.
Senate Banking Committee Chairman Christopher Dodd and the panel's top Republican, Sen. Richard Shelby, and their staffs are continuing negotiations. Both sides have said they expect to eventually reach a deal. The committee approved a bill, along party lines, last month.