Democrats Push Financial Reform With Slim Margin for Error

Before you go, we thought you'd like these...
Before you go close icon
Senate Democrats will make the final push to pass a financial reform bill this week, knowing they have a slim margin for error in their hunt for votes.

The House of Representatives has already passed a version of the bill. To send the bill to President Obama to sign into law, Senate Majority Leader Harry Reid will likely need 60 votes to overcome a procedural hurdle in the 100-seat chamber.

Reid currently has 57 Democrats on board, with two Republicans seemingly inclined to vote in favor as well, Reuters reported. That leaves Reid one vote short. He could pick up that vote if West Virginia Gov. Joe Manchin moves quickly to appoint a replacement for Sen. Robert Byrd, who died last month.

The bill puts in place new consumer-protection laws and limits banks' investments in private equity and hedge funds.

Analysts are confident that Reid will ultimately get the votes he needs. "I think everyone's pretty comfortable that they have the numbers," Jodi Lashin, a lawyer at Pryor Cashman, told Reuters.
Read Full Story

Markets

S&P 500 2,348.69 -7.15 -0.30%
DJIA 20,547.76 -30.95 -0.15%
NASDAQ 5,910.52 -6.26 -0.11%
DAX 12,360.88 312.31 2.59%
NIKKEI 225 18,875.88 255.13 1.37%
HANG SENG 24,146.93 104.91 0.44%
USD (per EUR) 1.09 0.00 -0.08%
USD (per CHF) 0.99 0.00 0.05%
JPY (per USD) 110.11 0.13 0.12%
GBP (per USD) 1.28 0.00 0.00%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts
A Holocaust Survivor Found These Old Photographs - And Solved A Decades-Old Mystery A Holocaust Survivor Found These Old Photographs - And Solved A Decades-Old Mystery
Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big