Financial Regulation Bill Faces Tough Opposition

Democrats are struggling to garner 60 votes required to advance the Financial Regulation bill. On Tuesday, the Republicans managed to stall the bill for second day in row.

The bill could not get past Monday’s 57-41 tally. The bill is expected to go for another vote. Democrat Senator Christopher Dodd is trying to reach a pact with republican Senator Richard Shelby. Republicans are against the $50 billion fund earmarked for winding down failing companies. Republicans have branded the fund an indirect bailout.

The party has also said that such fund would encourage risky behavior on the part of financial institutions.