Third Senate Test Vote on Financial Regulatory Rules Fails

A Senate bill to rein in financial institutions has stalled again as Republicans remain unified against the Democrats' proposed overhaul.

The 56-42 vote failed to get the necessary 60 votes to move the legislation to the Senate floor for debate. Without that step, senators cannot offer amendments to the bill.

It was the third such vote in three days, orchestrated by Democrats to maintain pressure on Republicans. GOP senators insist key provisions be changed before formal debate begins.

Republican criticism has shifted to the bill's consumer protection provisions. For the most part, they have dropped arguments that the bill would perpetuate bailouts. That shift came after Republican Sen. Richard Shelby said he and Senate Banking committee Chairman Christopher Dodd had agreed to fix some aspects of the bill.