(Xinhua Net, WASHINGTON, April 26) The U.S. Senate failed to pass the financial reform plan in its procedural vote because there are obvious differences between Democrats and Republicans.
The voting result of that day was 57 votes in favor and 41 votes against the bill which needs at least 60 votes to get approved. Upon this result, President Barack Obama immediately expressed his "disappointment". He urged senators from both parties to get through this bill based with the national interest, to avoid repetition of the financial crisis.
The financial regulatory reform program was launched by the ruling Democratic Party. In accordance with the draft, the U.S. financial regulatory system will be fully rebuilt. The government regulation power will get greatly enhanced. That large financial institutions are willing to risk the impulse will be curbed. And the government will also set up a new body to protect consumer interests as well. This will be the most significant and most comprehensive financial regulatory reform in the United States since the "Great Depression" of last century.
However, the Republicans opposed some specific regulatory measures, such as giving the Federal Reserve and the government more regulatory power. Some Republicans say the Democratic Party's proposal can not effectively prevent a similar crisis from happening again.
U.S. House of Representatives had passed similar reform programs, but should eventually become law only if the bill was also passed through the Senate. Because the U.S. mid-term elections are approaching, both of the two parties are not willing to make too many concessions. Besides the 100 seats of Republicans in the Senate have 41 votes as the "critical few", which makes the bill's prospects uncertain.