Senate Republicans vow to amend finance bill on floor

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April 29 (Bloomberg) — Senate Republicans abandoned their efforts to block debate over legislation overhauling U.S. financial rules, vowing instead to fight for changes to the bill on issues ranging from consumer protection to derivatives.

The Senate today will begin considering amendments to the legislation, which is based on a proposal by President Barack Obama, including the Democrats’ plan to strengthen oversight of the $605 trillion over-the-counter derivatives market.

“I will be offering a lot of amendments” on parts of the bill, including a proposal to create a consumer financial protection bureau at the Federal Reserve, said Alabama Senator Richard Shelby, who negotiated on behalf of Republicans to get a bipartisan deal before talks broke off yesterday.

Republicans and Democrats yesterday ended a two-week standoff on the bill, bringing Congress closer to approving the biggest financial-oversight restructuring since the 1930s, two years after a mortgage meltdown shook global markets and hobbled Lehman Brothers Holdings Inc. and other Wall Street firms.

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