WASHINGTON (AP) — Democrats are expected to vote again today whether to begin debate on a bill to overhaul the financial industry.
They need 60 votes to avoid a filibuster, but fell short yesterday. And, they must deal with a defection by one of their own: Nebraska Sen. Ben Nelson, who says he has concerns about the bill that were raised by a Nebraska businessman.
Senate Majority Leader Harry Reid says Democrats won’t tolerate any attempt to “slow-walk” the process, or water down the reform. Democrats believe public pressure and the scent of a Wall Street scandal have given them the upper hand.
The bill would require derivatives to be traded in open exchanges, and be cleared through a third party that guarantees the contracts.
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