Financial Reform Debate Begins

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The Senate will begin debate “on the Wall Street reform bill shortly after noon Thursday,” The Hill reports.

Lawmakers will immediately consider a substitute amendment offered by Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Agriculture Committee Chairman Blanche Lincoln (D-Ark.).

Republicans say Dodd has agreed to drop a $50 billion fund to liquidate large, troubled financial institutions. But senior Democratic aides say that no guarantees have been made to Republicans and their concerns “will be worked out on the Senate floor.

The floor debate is “expected to stretch over the next two weeks, giving Senate Democrats a chance to pass the legislation by mid-May.”

The bill is S. 3217 (Restoring American Financial Stability Act).

(credit image – wordpress)

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