Close Close
ThinkAdvisor

Financial Planning > Tax Planning > Tax Reform

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

X
Your article was successfully shared with the contacts you provided.

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.