The financial reform got stuck by the senate

Barack Obama will have to wait, the president of the Unites States, the main promoter of the financial regulatory reform in the country, was astonished after the Senate refused to end the parliamentary debate around the project of law.

The procedure to approve this new law is already spending several weeks, and the party of Barack Obama, the Democrats, intended to limit the debate at a maximum of 30 hours more to vote the legal text, without more patches, before the end of this week.

In order to accomplish that, called a previous motion to consider ended or not the parliamentary procedures. However, the High Chamber rejected th democrat demand, with Republicans united against it, and the debate will continue during several day in the Capitol, until the parties reach an agreement.

Once this procedure is done, the law project will be able to be voted , and the will have to be revised by the congress, before being signed by Barack Obama to convert it in law. The initiative is aimed to harden and update the financial regulation of the country, that in some cases, hasn’t been changed since 1933.

Related posts:

1. Barack Obama suggested reforms to the financial system
2. Bernanke says that the recession is over but there are still problems with the financial system
3. The Financial CIT under bankruptcy
4. Barack Obama will take unused tarp funds to help small companies
5. Barack Obama phoned Jose Luis Rodriguez Zapatero (Mr Bean) to know what would he cut