US Senate blocks Wall Street reform legislation

Washington: US president Barack Obama's efforts to bring in legislation intended to rein in Wall Street excesses suffered a temporary setback in the US Senate on Monday, as Republican opponents defeated a move to bring the bill up for formal discussion. The 57-41 vote by Senators fell short of the 60 needed to allow discussions on the bill.

The bill intends to usher in the most ambitious regulatory overhaul of its kind since the Great Depression of the 1930s.

Soon after his success with reforms in the health care industry president Obama has made financial reforms his top domestic priority. "I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin," said Obama.

There is a good deal of public anger at big banks which have been blamed for the 2008 global economic meltdown. Both the Republicans and Democrats have vowed to usher in reforms in the financial services sector but differ on the scope of these reforms.

The bill, in its current form has been opposed by the Republicans who say they will not agree to open debate in the chamber till year-old talks on drafting a compromise bill have run their course.

"Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether," said Obama.