By Alexander Bolton and Silla Brush
Senate Republicans held ranks on Monday and blocked a Democratic effort to overhaul the financial system and crack down on Wall Street.
In a 57-41 vote, Democrats fell short of the 60 votes necessary to proceed to the Wall Street bill.
One Senate Democrat, Ben Nelson (Neb.), joined Republicans in voting against the motion. Nelson had reportedly been pushing for a provision backed by Warren Buffett that would have largely exempted existing derivatives contracts from the bill’s new rules.
Senate Majority Leader Harry Reid (D-Nev.) immediately moved to intensify the pressure on Republicans by scheduling additional procedural votes on Tuesday and Wednesday that would open debate on the financial reform bill.
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