Senate Committee OKs Financial Reform Bill

The Senate Banking Committee approved legislation on Monday to overhaul the nation's financial regulatory system by a 13-10 vote along party lines.

When the bill was introduced last week by committee Chairman Christopher J. Dodd (D-Conn.), surplus lines reform language was included in the legislation, entitled "Restoring American Financial Stability Act of 2010."

According to the Washington Post, the banking committee's 23 members -- 13 Democrats and 10 Republicans -- did not consider any of the major changes that had been proposed in recent days by lawmakers from both parties.

The Post said lawmakers had filed more than 400 potential amendments to the 1,336-page legislation. Ranking Republican Sen. Richard C. Shelby (R-Ala.) and Sen. Bob Corker (R-Tenn.), who recently failed to reach a bipartisan agreement in negotiations with Dodd, were responsible for roughly 200 of the proposed changes.