GOP Abandons Blockade of Banking Regulation Bill

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Congress is beginning a debate on an overhaul of the financial industry Thursday after Senate Republicans gave up efforts to block debate on the measure.

The bill is aimed at preventing another crisis like the one that brought the nation's financial system to its knees in 2008.

However, Democrats and Republicans have very different ideas of how to accomplish that goal.

"Americans want a number of things in this bill fixed and they want more than verbal assurances," House Minority Leader Mitch McConnell, R-Ky., said.

Republican lawmakers are taking aim at a fund to wind-down failing firms and major consumer protections. Liberal Democrats want to limit the size of banks.

With Democratic Senators needing 60 votes to get past other procedural obstacles, they will need at least one Republican on their side.

"This may be a real debate, which would shock America," Sen. Bob Corker, R-Tenn., said.

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