US SENATE Democrats last night appeared to nail down the votes needed to approve a historic overhaul of US financial regulations and moved to set up a final vote on it by the end of the week.
Senator Ben Nelson, one of the Senate’s most conservative Democrats, said he would support the Bill after earlier raising concerns about how regulators might implement it.
His backing probably gives the Democrats the 60 votes they need to clear an expected Republican procedural hurdle in the 100-seat chamber, which would allow them to give final approval to the broadest rewrite of the Wall Street rulebook since the Great Depression and send it to President Barack Obama to sign into law.
“We must rein in rash Wall Street behaviour and appropriately regulate the financial services industries,” said Senator Nelson.
Before his announcement, Senate Democratic leader Harry Reid said he expected to bring the Bill to the Senate floor later in the day, which would set the stage for votes later in the week.
The House of Representatives has already approved the measure, and Democrats are eager that they get it to Mr Obama’s desk.
Final passage would give Democrats an important legislative victory alongside healthcare reform as they try to minimise any Republican gains in the November congressional elections. – (Reuters)
