Financial Reform Bill to Be Blocked
The recent tumultuous set of incidents, pertaining to the approval of financial reform bill, has lead Sen. Ben Nelson and Warren Buffet’s Berkshire Hathaway into throwing another unexpected wrench at the While House.
Berkshire is one of the biggest contributors to Mr. Nelson’s campaigns and on the other hand, Mr. Nelson and his wife, Diane, are also on good terms with Buffet (not to forget the fact, that Nelson owns a $6 Million share in the company’s stock). The recent roll call was 57 to 41 and so far, Republicans have been successful in blocking any sort of action on the floor, by successfully denying 60 votes to the Democrats. Keep in mind that a minimum of 60 voters is necessary for Democrats to proceed with a debate on financial reform crisis.
Congressional aides are still holding their fingers crossed because the senators have not reached any mutual agreement, but Mr. Dodd said that the fact that they’ve come to closure on this too-big-to-fail issue, it should enable us to move forward towards the problem of this bill’s approval or disapproval.
However, Tennessee Republican (Senator Bob Corker) isn’t really optimistic about the current situation and believes that there are still a lot of doubts in his head, when it comes to the acceptance of the Financial Reform Bill.
From a third person’s point of view, being totally unbiased, I believe that this bill is going to enable regulators in putting some money in reserve so that possible derivative losses can be dealt with. Democrats are also looking forward to getting some sort of support from the all those average American people out there. If they get united and put pressure on the Republicans, maybe the whole process can be hastened towards a more feasible set of decisions. After all, whatever those senators are doing, its for the betterment of “a common American man” so why don’t they team up and work for the same cause?