GOP Poised to Give Up Financial Reform Filibuster

Updated at 5:30 p.m. ET

After blocking debate over financial reform legislation for the third day in a row, Republicans appear ready to end their filibuster.

Negotiations with Senate Banking Committee Chair Chris Dodd (D-Conn.) have reached an impasse, Sen. Richard Shelby (Ala.), the top Republican on the Senate Banking Committee said in a statement this afternoon. While he will continue to vote against bringing the bill to the Senate floor for debate, Shelby said it is now up to his Republican colleagues' individual judgments as to how to vote. It is likely that some Republicans will vote in favor of debate.

Shelby called the compromises made in his negotiations with Dodd "significant and meaningful" and said he received assurances from Dodd that Democrats will change to the bill to address Shelby's concerns relating to ending bank bailouts.

However, Shelby said he remains opposed to the new consumer protection bureau the bill would create, which he says would have "unchecked authority to regulate whatever it wants, whenever it wants, however it wants." He also said the Democrats' plans to regulate the derivative market "would have far-reaching and devastating effects" on the economy.

In his own statement today, Dodd said he had "productive" talks with Shelby over the past year and a half, "but I cannot agree to his desire to weaken consumer protections given the enormous abuses we have seen."

"It is time for this debate to begin," he added. "And it must be a serious, vigorous debate."

After trying three times to bring the bill to the Senate floor for debate, Democrats were ready to keep the Senate in session overnight to pressure Republicans to drop their opposition to debate, CBS News Capitol Hill Producer John Nolen reports.

"They are filibustering the opportunity of the United States Senate to debate Wall Street reform, and that point has to be made clear," Sen. Ben Cardin (D-Md.) said today. "If the Republicans will let us get to the bill, I think Leader [Harry] Reid is prepared to work out a reasonable work schedule to complete this bill in a timely way, giving everyone an opportunity to offer their amendments."

A fourth vote to begin debate, called a "cloture" vote, is expected soon. Reid made the unusual move of scheduling multiple cloture votes in succession this week in order to highlight GOP obstruction. In Iowa yesterday, President Obama criticized Senate Republicans for blocking efforts to move forward, saying Americans deserve an "honest debate."

Today at an event in Quincy, Illinois, Mr. Obama said he is pleased it appears the debate will move forward.

"I want to work with anyone, Republican or Democrat, who wants to pursue these reforms in good faith," he said. While Republicans have said in recent days that Congress should spend more time on negotiations, the president said, "I think we've been moving too slow. It's time to get this done."

Special Section: Wall Street Under Fire

[proman24]

Republican Priority List:

1) Obama Failure
2) Protect the corporations that can provide them with unlimited campaign contributions.
3) Protect and fatten their own wallets.
4) Make Jesus happy.

7 or 8) Help the average American

[stn_sage]

I kind of hope they continue to OBSTRUCT government!

What are they going to campaign on in November?!
We said NO to health care, we said NO to everything else,
we even said NO to discussing it!

How irresponsible, lazy, shirking, and obstructionist can you get?
The GOP has set a new low this past year!

[PIngYoo2]

Well, one thing we all know is the GOP is bought and paid for.

Lou
www.post-anonymously.us.tc

[PIngYoo2]

Well, one thing we all know is the GOP is bought and paid for.

Lou
www.post-anonymously.us.tc

[PIngYoo2]

Well, one thing we all know is the GOP is bought and paid for.

Lou
www.post-anonymously.us.tc

[Palin_for_Presidentess]

Could be that the fact that they're in bed with their Wall St. masters is out there just all exposed for everyone to see?

[Lifeson2112]

The Demoncrats are a lot more involved with Goldman Sachs than the Republicans. Think Obama will give back that million bucks they contributed? I doubt it. And were they and Obama involved together with the Chicago Climate Exchange? This is just a dog and pony show to make people think "they're really going after Wall Street". Grow up and get some information from somewhere besides the mainstream outlets and left-wing hate sites.

[pasmalltown]

by Lifeson2112 April 28, 2010 6:59 PM EDT -
"This is just a dog and pony show to make people think.."
-----------------------
You're really not trying to minimize the importance of Wall Street reform but suggesting that the Dems are "watering it down" are you? Do you think the Repubs are going to give back their Wall Street donations? I doubt it. Average Americans want to see something done and it really doesn't matter which side of the aisle the "push" comes from. Bottom line: you need to remove yourself from your FOX approach to this problem and understand that "greed" knows no political party. Behind your comments lie the cynical, deflective approach that Wall Street WANTS you to support................ You don't work on Wall Street do you?

[bc-1948]

So now we know - the Republicans don't want the derivative market regulated and don't want the banks taxed to create their own bail-out fund. In order words - lets have more of the same.

[mary-miami]

Republicans are the rich peoples party. They have never even tried to do anything for the common working American. This would be an opportunity for them to be "good" and yet they still want to step on the working class. The Democrat party is the only one who has always sided with the workers in this country. President Obama is the best leader this country has had in many years. He truly is trying to revive the middle class.

[Zann-Zel]

I agree with everything Mary said! : )

So the Republicans are ready to stop pouting and start talking now!