Republicans back down on financial reform Bill

Written by Reuters | Updated: May 1 2010, 03:58am hrs
A three-day US Senate standoff over efforts to overhaul financial regulation ended as Republicans drop-ped efforts to block a Democratic bill in exchange for a handful of concessions. A deal to proceed came after Democrats threatened to keep the Senate in session all night to put pressure on Republicans. Minutes after an aide said cots would be set up for senators to sleep on, an agreement was announced.

The deal is a milestone for the Obama administration's push to tighten bank and capital market oversight after the worst financial crisis in generations. With parallel efforts in the European Union, markets are watching to see how dramatically the banking sector may be reshaped. Senate Republicans have finally agreed to let us begin this debate, which we appreciate, and we hope this foreshadows more cooperation to come, Reid said.