Finance Reform Battle Delayed…Again

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The financial reform battle—that is, to even start the full debate in the Senate—continues on here on Capitol Hill. For the third time in as many days, Senate GOPers defeated a vote to start debating financial reform legislation, a bill that would try to end future taxpayer bailouts, create a new consumer protection agency to guard against predatory lenders and dangerous products, and shed light on the opaque, $450 trillion over-the-counter derivatives market. The vote was 56-42, with centrist Sen. Ben Nelson (D-Neb.) again voting with Republicans. Majority Leader Harry Reid ultimately voted against the bill, too, a maneuver that allows him to schedule another vote which could happen as early as Thursday morning.

The losing vote wasn’t entirely surprising, as Sen. Chris Dodd (D-Conn.), a top Democratic negotiator on financial reform, said earlier Wednesday morning that his party still didn’t have the votes to begin the debate. Remarks on Wednesday by Sen. Richard Shelby (R-Ala.) suggest the gulf between the two parties remains gaping and it could take several more days before an agreement is finally reached. “Are we close to wrapping up a comprehensive deal? No, we’re not close to that,” Shelby told MSNBC.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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