Republicans Give The Nod To Debate On Overhaul Of The Financial System
Political and public pressure has been mounting compelling the Republicans to give the nod to a debate on overhauling the financial system
. The debate would be opened by the Democrats on bringing about a law that would place chains on the financial regulatory system of the country it being the greatest revamp since the time of the Great Depression.The Republicans came to this decision after they blocked the bill in consecutive three days. But this latest move shows that they are now alert about the political danger in being identified with the group that opposes tougher rules for the fat cats of Wall Street.
But despite this climb down the Republicans continue to oppose some aspects of the bill and it seems the debate is going to be hot and rough on the floor.
Speaking at a rally in Quincy, Illinois the President had a word of praise for this change of stand. In a chat with reporters abroad the flight returning to Washington Obama said, I want to work with anyone, Republican or Democrat, to move this legislation. What I dont want is a deal made that is written by financial industry lobbyists.
Prior to the breaking of the logjam the Democrats warned that they would keep the session of the Senate running overnight to highlight the opposition being given by the Republicans.
The Republicans contended that they had offered to come forward after the talks between the heads of the Banking Committee failed and it was transparent that no more changes would be entertained.
Around 6.15 p.m. Harry Reid (Democrat/Nevada) the leader of the majority requested from the Senate a unanimous consent to start the debate. No objection came from the Republicans. Reid said, Now lets get to work. And lets do the utmost to make the American people proud of our efforts. Wall Street needs reforming.
There is still scope for the Republicans to play around but during the floor debate they are at a disadvantage considering the Democrats are in the majority with 59 and they have 41. The nod given to a floor debate is symbolic of a significant retreat by the minority group indicating a realization that further delaying tactics would be politically suicidal for them.
The Republicans would now have to explain how they could criticize Goldman Sachs in the oversight panel hearing and then talk about tightening regulations on Wall Street giants.
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