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U.S. Senate fails to end debate on financial overhaul

05-20-2010 14:29 BJT

WASHINGTON, May 19 (Xinhua) -- The U.S. Senate failed to end the debate on a sweeping financial regulatory bill on Wednesday, indicating the latest bump in the process of the widely watched legislation.

Lawmakers voted at 57-42, just three votes lower than the 60- vote threshold needed to move forward President Barack Obama's top domestic agenda.

The bill aims to curb Wall Street's high-risk practices blamed for the global economic meltdown of 2008, solve the systemic risk of "too big to fail" problem among financial firms and create a consumer protection agency to better protect Americans.

It will also try to ban commercial banks from trading in speculative investments and impose state interest rate caps on credit card issuers.

The U.S. House passed its version of financial overhaul in December 2009. The Senate's bill was proposed by Christopher Dodd, chairman of the Senate Banking Committee earlier this year.

Democrats pushed hard to move the bill forward in a deeply divided Senate. They had hoped to hold a final vote as early as Thursday. Analysts said that the bill still needs longer time of debate.

Editor:Zhang Pengfei |Source: Xinhua

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