U.S. Republicans talk tough on pending Wall St vote

* Key Senate vote set for Monday April 26

* Democrats need at least one Republican

* Aides say Republican senators united in opposition

By Thomas Ferraro

WASHINGTON, April 23 (BestGrowthStock) – U.S. Senate Republicans
vow to oppose a Democratic effort to begin debate next week on
a proposed crackdown on Wall Street unless a bipartisan accord
is reached, senior Republican aides said on Friday.

While some Republicans are expected to eventually back
President Barack Obama’s bid for financial regulatory reform,
the two sides are skirmishing over Monday’s vote on “cloture,”
which would start debate on financial reform.

Democrats need at least one of the 41 Republican senators
to vote with them on Monday, but Republicans were standing
firm, senior aides said. “We feel confident that all our
senators will oppose cloture in order to continue bipartisan
negotiations,” one aide said.

“Republican leadership has commitments from all Republican
senators to vote no unless there is an agreement on the
legislation,” another aide added.

President Barack Obama scolded Wall Street on Thursday for
its “furious efforts” to fight tighter regulation, saying the
United States was doomed to another financial crisis if reforms
were not implemented

If Democrats fail to win the vote, the legislation would
not be killed but would be delayed. To prevail in Monday’s
vote, the Democrats need support from 60 senators in the
100-member chamber.

Republican aides say Senate Democratic Leader Harry Reid
prematurely forced the vote, set for 5 p.m. EDT (2100 GMT), to
make Republicans either accept it or look like they are
blocking curbs on Wall Street, which may upset many voters
ahead of November mid-term congressional elections.

“Reid’s doing this vote for one reason: He wants headlines
reading, ‘Republicans filibuster (block) financial
regulation,'” a senior Republican leadership aide said.

“Once Reid gets the headline, I think (Senate) negotiators
will reach an agreement” that Reid approves, the aide said.
“They are close to an agreement now.”


Take a Look [ID:nN16148428]

Text of Obama’s speech to Wall Street [ID:nN22249643]

Snap analysis of speech [ID:nN22249346]

Reuters Insider video http://link.reuters.com/mex88j


The financial reform bill authored by Democratic Senator
Christopher Dodd would bring new oversight to hedge funds and
derivatives while cracking down on risky bank trading and
putting in place protections for financial product consumers.

It would also establish a system for unwinding troubled
financial companies to prevent a repeat of catastrophes such as
the collapse of Lehman Brothers in 2008.

The Lehman Brothers collapse came at the start of the
deepest recession since the Great Depression, triggered by the
implosion of the U.S. sub-prime mortgage derivatives market.

A chief target as a possible defector is Republican Senator
Susan Collins, seen as one of the chamber’s most moderate

But Collins, to the delight of fellow Republicans, was
quoted on Friday in The Washington Post as saying, “I hope that
Senator Reid abandons his plan to force a premature cloture
vote on Monday. … A divisive vote on cloture at this point
would be unfortunate.”

Jim Manley, Reid’s press secretary, rejected Republican
complaints. “All Senator Reid is asking is to begin debate
while these bipartisan negotiations continue,” Manley said.

“Stalling is not an option. We’ve been negotiating for
months. … “We want a full and open debate with amendments
offered by both sides,” Manley said.

The broad legislative push by Obama and the Democrats comes
as fraud charges against Goldman Sachs have thrown Wall Street
and Republicans onto the defensive after months of working to
weaken Democratic reform proposals.
(Editing by Todd Eastham)

U.S. Republicans talk tough on pending Wall St vote