During yesterday's beginning of the House debate on the bill that would revamp the way financial services are regulated, Democrats argued that the measure was necessary to prevent another economic meltdown while Republicans said it would cause job losses and limit consumer choice.

But the real action was off the House floor where moderate Democrats delayed action for several hours and forced member of the House leadership to consider some of their amendments to the bill.

The moderates threatened to withhold support for the measure and succeeded in gaining certain concessions. These included a promise from the leadership that there will be votes on an amendment by Rep. Melissa Bean (D-Ill.) to allow national banks to be exempt from state rules and on amendment by Rep. Walt Minnick (D-Idaho) to replace the proposed Consumer Financial Protection Agency with a council made up of the heads of regulatory agencies.