Democrats push financial industry reform - WAOW - Newsline 9, Wausau News, Weather, Sports

Democrats push financial industry reform

WASHINGTON (ABC)-- The plan to repair Wall Street reaches the Senate Monday.  But is there enough support to pass it?  Negotiations through the weekend have so far failed to produce a breakthrough on bi-partisan financial reform.

Democrats sound determined to pass reform now. But they are currently one vote shy of being able to kill a filibuster. A test vote in the Senate later Monday is expected to be along party lines. Though Republicans remain hopeful they can strike a deal.

Senator Mitch McConnell, Republican Minority Leader, says "It's my expectation that we will not go forward with this partisan bill. It's not ready yet."

Following health care reform and agreements to reduce the number of nuclear weapons, President Obama is hoping to extend his winning streak.

President Obama says, "We also need some rules of the road for Wall Street, so that reckless decisions made by a few don't take our economy over the side."

Both sides say they want protection for consumers and assurances that the government will never again bail out "too big to fail" banks.

Ezra Klein of the Washington Post says, "Your shareholders are wiped out. Your management is fired. You are broken up and sold. So what we do: we don't end too-big-to-fail, what we end are bailouts."

Most of the changes would give new powers and information to the bank regulators.

Klein says, "We are heavily, heavily reliant on regulators to save us next time, even though they didn't do it last time."

Tuesday on Capitol Hill, executives from Goldman Sachs will be grilled about their actions during the financial crisis. Many political observers believe it's no coincidence this is happening at the same time Wall Street reform is coming up for a vote.

Online Reporter: Jill Courtney

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