Posted: Mar 22, 2010 9:37 AM by Bea Karnes, News First 5
A bill rewriting regulations governing the financial industry is expected to to be approved by a Senate committee on a party line vote now that Republicans have decided to withdraw their amendments.
The decision means Senate consideration could come as early as Monday. The measure aims to avoid a recurrence of the 2008 financial crisis that helped plunge the country into the deepest recession since the Great Depression. But the surprise development also raises significant questions about the Senate's ability to ultimately pass a bill if it can't muster any Republican support.
The Senate Banking Committee had faced at least a week of work after senators filed more than 400 amendments to a bill proposed by the panel's chairman, Sen. Christopher Dodd.