WASHINGTON With one Democrat absent and two others voting no, the Senate failed to get the 60 votes needed to avoid a filibuster and bring the huge overhaul of financial regulations to a vote.
Democrats and Republicans have been trying to reach agreement on a few key issues, but some disputes apparently are lingering over several amendments.
Another vote is expected on Thursday, and Democratic leaders were optimistic that they could overcome the procedural hurdle.
The Democrats fell two votes short, though the vote was 57-42. Majority Leader Harry Reid of Nevada changed his vote to 'no' to make it easier to hold another vote. He blasted Republicans after the vote for voting to "protect the big banks on Wall Street."
[...]Cantwell wants votes on two amendments -- one to tighten new proposed regulations on complex financial derivatives and another to restore a prohibition against federally insured commercial banks also doing investment banking. Feingold also wants a vote on the banking prohibition.
"The test for this legislation is a simple one -- whether it will prevent another financial crisis," Feingold said after the vote. "As the bill stands, it fails that test. Ending debate on the bill is finishing before the job is done."
By Susie Madrak — May 20, 2010