Senators have defeated a procedural (cloture) motion on the Restoring American Financial Stability Act (S. 3217) by a vote of 57-42. Sixty votes were needed to adopt the motion.
The vote actually occurred on a substitute amendment, which contains the text of the modified bill currently being considered by the Senate.
Majority Leader Harry Reid (D-NV) voted no, which means procedurally this vote can be called again in the coming days.
Senators Olympia Snowe (R-ME) and Susan Collins (R-ME) voted in favor of the motion. Senators Russ Feingold (D-WI) and Maria Cantwell (D-WA) voted no.
Update: Reid has issued a press release statement.
“It is heartbreaking to hear the personal stories from Nevadans who lost everything because of the latest financial crisis: their homes, their jobs and their retirement savings. Senate Democrats are determined to make sure that history does not repeat itself, which is why we will pass and enact Wall Street reform as soon as possible. Today Republicans again made clear whose side they’re on. They chose to stand with Wall Street, allowing another day to go by in which too many Nevadans and Americans are left vulnerable to big bankers’ greed.
“At every stage of this debate, Republicans and their friends on Wall Street have worked overtime to weaken this bill because they view it as a threat to business as usual. They know these reforms – reforms the American people overwhelmingly support and demand – will finally hold Wall Street accountable.
“I am calling on my Republican colleagues to start putting the interests of families, small businesses and seniors over those of big banks on Wall Street.”
Update (5/20): Members voted again on Thursday and adopted the motion.
(credit image – daylife/associated press)
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