WKYT | Lexington, Kentucky | News

Financial regulation bill back before Senate today

WASHINGTON (AP) - Senate Democrats try again today to advance a sweeping financial regulation bill after running into a last-minute obstacle from Republicans.

Democrats appear within reach of the 60-vote threshold needed to move the bill toward passage.

The legislation, which seeks an overhaul of financial regulations unseen since the 1930s, would set up a mechanism to watch out for risks in the financial system, make it easier to liquidate large failing firms and write new rules for complex securities blamed for helping precipitate the 2008 economic crisis.

It also would create a new consumer protection agency, a key point for President Barack Obama.

Republicans argue that the bill has grown worse during its time on the Senate floor, and does not address root causes of the 2008 financial meltdown.

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