Democrats Break Financial Reform Filibuster

Scott Brown, Olympia Snowe and Susan Collins cross party line
By Newser Editors and Wire Services
Posted Jul 15, 2010 11:32 AM CDT
Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., talks with the media on his way to the weekly caucus luncheon on Capitol Hill in Washington, Tuesday, July 13, 2010.   (AP Photo/Alex Brandon)

(Newser) – Congress is all but guaranteed to pass the most sweeping financial regulatory reform since the Great Depression this afternoon. In the early session this morning, the Senate voted 60-38 to end debate on the Dodd-Frank bill, setting up a final vote that is scheduled for 2pm this afternoon. Republicans could delay it until tomorrow night, but they probably won't, according to Reuters.

Scott Brown, Olympia Snowe, and Susan Collins all crossed party lines to end the Republican filibuster, Bloomberg reports. No other Republicans are expected to vote for the bill. "It creates vast new bureaucracies with little accountability," complained Richard Shelby, who initially worked on the bill with Chris Dodd. But Dodd countered that Americans "expect us to respond to a situation that brought us to the brink of financial disaster. And this is our best effort to do so. It's not a perfect effort, I know that."

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