Debate to Begin On Financial Reform Bill!

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Wednesday, April 28th, 2010

The NY Times is reporting that

The Republicans, who were gathering to make their formal decision, appeared to back down after Democrats threatened to keep the Senate in session through the night to dramatize the the standoff.

Senator Richard C. Shelby of Alabama, the senior Republican on the banking committee, said that efforts to negotiate important changes to the bill before beginning the debate on the floor had fallen apart. “I believe we owed the American people our best effort to make whatever changes we could to this incredibly complex piece of legislation because it will have wide ranging implications for our economy,” Mr. Shelby said in a statement.

That is certainly one reasonable explanation… or perhaps Republicans were afraid of being swallowed by Fat Banker Man.

The Huffington Post is reporting that

Shelby said that in blocking the bill Republicans had given him time to address the bailout questions. He said he would now “defer to their individual judgments on whether the Senate begins a floor debate on this bill.”

Now is the most important time to tel your Senators to stay strong! Do not let them sell out consumers as the bill gets to the floor. Spread the word and make the call: Pass Financial Reform With A Strong Consumer Protection Watchdog. Do Not Allow ANY Weakening Amendments!
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