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The US Senate voted on Monday to block the bill from reaching the floor for debate. Republicans said the bill needs substantial changes and accused Democrats of rushing the most far-reaching overhaul of the financial regulatory system. However, both sides say they expect the overhaul eventually will be approved.
Democrats charged that Republicans were leaving the country at risk of another financial calamity and siding with wealthy corporate interests. The chief executive of one such firm, Goldman Sachs, the Wall Street powerhouse accused of fraud by federal regulators, is to testify Tuesday before a Senate committee.
Sensing political momentum at a time of deep public anger at Wall Street, Democratic leaders said they would keep the regulatory bill on the floor — and delay the rest of their busy legislative agenda — to ratchet up the pressure on the Republicans.
Democrats said they believed the fight over financial regulation — and signs of economic recovery in many parts of the country — could help turn the tide of anti-incumbent sentiment that has them bracing for substantial losses in November.
The full article can be looked up in the New York Times