After 3d Failed Vote, GOP Appears to Relent on Dodd Reform Bill

Republicans promise to allow debate on omnibus financial services bill

More On Legal & Compliance

from The Advisor's Professional Library
  • Use and Misuse of Social Media Social media is an inexpensive and effective way to communicate with established and prospective clients.  Nevertheless, when RIAs utilize social media to promote their advisory practices, they risk compliance problems for their firms.
  • How to Avoid Sabotaging Your Compliance Exam There is much more to compliance examination survival than knowing all of the rules. It helps to understand why the rules were put in place—and to recognize that examiners are not the enemy.

Senate Republicans agreed in the late afternoon on Wednesday, April 28, to allow debate to begin on Senator Chris Dodd's omnibus financial services reform bill.

The decision was made just hours after Republicans blocked for the third consecutive day Democratic efforts to move the bill forward through a cloture motion that failed to achieve the needed 60 votes to force the beginning of debate on the bill. A day earlier, the GOP released a substitute bill to Dodd's legislation in hopes that they could include their changes to the reform bill before it hit the Senate floor.

Dodd (D-Connecticut) issued a statement on April 28 before the Republicans softened their position, declaring that "It's time for this debate to begin," while his Republican counterpart on the Senate Banking Committee, Senator Richard Shelby (R-Alabama), said in his own statement that the negotiations with Dodd had reached an impasse.

Reprints Discuss this story
This is where the comments go.