Democrats and the president argued that the GOP proposal would have gutted consumer protections. The vote was 61-38, with two Republicans — Sens. Olympia Snowe of Maine and Charles Grassley of Iowa — joining Democrats to defeat the GOP measure.
Democrats have proposed an independent bureau within the Federal Reserve to write and enforce regulations that would police lending. The Republican proposal would create an agency within the Federal Deposit Insurance Corp. The FDIC would have to approve regulations and enforcement would be left to bank regulators.
Republicans said the Democratic bill overreached and would give a powerful consumer agency too big a voice in banking affairs. The Democratic version of the legislation already contained some concessions to Republicans, and Democrats showed no willingness to cede any more ground
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