Now the action goes back behind closed doors.

Following a meeting that lasted less than 30 minutes, the Senate Banking Committee voted 13-10 along party lines to send Chairman Christopher Dodd's regulatory restructuring bill to the Senate floor. There will be more discussions and horse trading before the full chamber gets a stab at the bill.

Given the rules of the Senate, which require 60 votes to get almost anything passed, Dodd will be working to make deals with Republicans while holding on to Democrats, many of whom would like a stronger bill. The Senate has 59 Democrats (including two independents who caucus with the party) and 41 Republicans.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.