GOP allows debate to proceed on financial reform bill

A compromise in the Senate has ended a Republican-orchestrated impasse that prevented financial reform legislation from moving to debate.

Republican leadership ended the filibuster despite admissions that they has failed to reach a bipartisan compromise, according to reports in the Washington Post and other media outlets. The GOP will attempt to influence the legislation through amendments.

The financial overhaul bill, if passed, will impact many facets of the finance industry, including requiring much of the country's OTC derivatives trade to move to centralized exchanges.

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