US Republicans block debate of finance rules reform

US Republican senators have blocked moves to start a debate on a bill to introduce the most significant reforms to financial regulations for 60 years.

Needing 60 votes in the 100-seat Senate to begin debating the bill, Democratic leaders fell three votes short.

Democratic Senator Ben Nelson joined 39 Republicans in voting against it.

Republicans says the bill does not go far enough in its reforms, while Democrats say their opponents want to protect wealthy corporate interests.

Both parties say they expect the overhaul eventually will be approved.

Correspondents say that with Wall Street reeling from a fraud case against Goldman Sachs they are eager to act before November's Congressional elections.

Goldman executives are due to appear before a Senate committee later. On Monday, the committee said the bank had made billions of dollars at its clients' expense during the housing market collapse. ...

via BBC News - US Republicans block debate of finance rules reform.