Efforts to begin a Congressional debate on tightening the regulatory screws on banks and financial institutions stalled Monday when 41 GOP senators were joined by Democratic Sen. Ben Nelson of Nebraska voting to block a financial reform bill, the Washington Post reports. Democrats say the legislation is aimed at preventing future bailouts and preventing financial firms from becoming "too big to fail." Many Americans feel that financial institutions' excesses must be reined in, but as Thomas Jefferson Street blogger Mary Kate Cary notes, Republicans and others are weary of the federal government having too much power to control financial decisions in the private sector.
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