By day’s end Wednesday, our chums over at the U.S. Senate hadn’t moved much closer to the finish line in dealing with the financial regulation bill, to the chagrin of some senators and, no doubt, the satisfaction of others. –KA

AP via Google News:

The vote was 57-42, three votes shy of the 60 needed to pass. Three Democrats joined 39 Republicans in voting against the measure. Among them was Senate Majority Leader Harry Reid, who switched his vote from yes for procedural reasons. Reid said he’d seek a new vote Thursday.

[…] The legislation would set up a mechanism to watch out for risks in the financial system, create a method 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 this week have escalated their attacks on the legislation, arguing the bill had grown worse and did not address root causes of the 2008 financial meltdown.

The Democratic majority, said Senate Republican leader Mitch McConnell, “uses this crisis as yet another opportunity to expand the cost and size and reach of government.”

While the bill appears ultimately headed for final passage, Wednesday’s vote put the end game in question, including the fate of several contentious amendments that remained unresolved.

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#arlen specter#banking industry#credit cards#finance#harry reid#mitch mcconnell#senate#wall street