Reid aims to move forward with financial regulation bill

By Brady Dennis and Paul Kane
Washington Post Staff Writer
Friday, April 23, 2010

Senate Majority Leader Harry M. Reid (D-Nev.) plans to move forward Monday with an expansive bill to overhaul the nation's financial regulatory system, setting up a possible showdown between Republicans and Democrats if efforts at a compromise fall short.

As President Obama spoke Thursday in New York about the "essential" need for the landmark legislation, Reid set in motion the Senate procedures necessary to hold a crucial test vote late Monday afternoon.

"The games of stalling are over," Reid said.

Democrats will need support from at least one Republican to reach the 60 votes required to overcome a filibuster and proceed with formal debate on the bill put forth by Sen. Christopher J. Dodd (D-Conn.). It would create an agency to protect consumers against abuses in mortgages and other loans, set up a council of regulators to monitor for risks to the financial system and give the government power to wind down large, troubled financial firms.

(More here.)