The much-awaited debate on the finance bill, which proposes a sweeping regulatory overhaul of Wall Street, has begun after being voted down by the Republican Party, which strongly opposed certain provisions of the bill.

The two parties reached a compromise after Republican leader in the Senate, Mitch McConnell, agreed to begin the debate. Republicans will, however, continue to ratchet up pressure on Democrats and try their best to incorporate as many GOP amendments in the bill as they can. The Democrats have agreed to rewrite certain parts of the bill but they will proceed cautiously as Republicans have the power to filibuster amendments as well as the final vote on the bill. [Read more…]