The US House of Representatives approved the Dodd-Frank Wall Street Reform and Consumer Protection Act yesterday (June 30) by 237 votes to 192, with all but three Republicans opposing.
However, the Act will miss the deadline of becoming law before the July 4 holiday as the Senate’s vote has been delayed, partly because of the death of Senator Robert Byrd, a West Virginia Democrat, on Monday.
That cost the Democrats one of the 60 votes they needed to prevent a Republican filibuster. They will need several Republican votes as the Democrats only have 57 seats.
The Senate delayed its vote despite an 11th hour amendment designed to win over Republican waverers.
The joint House-Senate conference committee that had thrashed out the amalgamated bill overturned senior Democrats’...