Senate Republicans block bank reform bill again

WASHINGTON (BestGrowthStock) – For a second time in as many days, Senate Republicans mustered enough votes on Tuesday to block debate of a Democratic bill that would bring the biggest overhaul of financial regulation since the 1930s.

President Barack Obama and the Democrats want tighter rules on banks and capital markets to prevent a repeat of the 2008-2009 financial crisis, which tipped the economy into a deep recession and unleashed reform efforts worldwide.

Many Republicans say they see a need for reform, but oppose the Democrats’ bill as an overreach by government.

The Senate’s Republicans voted unanimously on Monday to block formal debate on the bill. They were joined then, and on Tuesday, by a Democrat who broke ranks, Senator Ben Nelson.

Stock Analysis

(Reporting by Kevin Drawbaugh).

Senate Republicans block bank reform bill again