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Senate Democrats Fail Again to Move Financial Reform

Senate Democrats failed for the second day in a row to move financial regulatory reform legislation as talks among stakeholders trying to reach a deal continued behind the scenes.

Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) made yet another plea to begin debate on the bill just before the procedural vote, which was defeated, 57-41, largely along party lines. Sen. Ben Nelson (D-Neb.) joined Republicans again in voting “no.”

The motion requires 60 votes for adoption.

“With all of the things that people are going through in the country, it seems to me again that this bill, which has been the product of a year and a half of work, is deserving of our consideration,” Dodd said.

Republicans have held strong against moving to the measure before a bipartisan deal is reached between Dodd and Banking ranking member Richard Shelby (R-Ala.). The two are scheduled to meet again Tuesday evening, although neither indicated earlier in the day whether a breakthrough might be announced this week.

Majority Leader Harry Reid (D-Nev.) has pledged to continue forcing Republicans to vote against procedural votes on the issue until he is able to break the stalemate. Reid filed cloture on the financial reform measure Monday evening, setting up yet another procedural vote on Wednesday.

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