US Senate thwarts GOP attack on consumer watchdog

The US Senate on Thursday rejected a Republican attempt to defang consumer protections in a sweeping Wall Street reform bill, while voting to give small banks a break on deposit insurance. Despite procedural delays, lawmakers covered some ground on a top priority of the Obama administration that would be the biggest overhaul of the financial rulebook since the 1930s. A proposal to challenge the Federal Reserve’s secrecy about its role in the 2008 financial meltdown gained support in the Senate, but a vote on it was put off until next week.

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