A bloc of African American House Democrats, angry and worried that not enough is being done about high unemployment by the administration, forced the postponement of a much-anticipated vote Thursday on comprehensive financial regulation reform.
The Financial Services Committee had finished hearing amendments around 3 p.m. and recessed, planning to return at 4 for a final vote on the package. But during the break, some of the Democrats on the committee pigeonholed Chairman Barney Frank (D-Mass.) and told him they wouldn't vote for the bill because of the deepening problem of unemployment in their districts.
The refusal to vote for the package, a key priority of the administration, and Treasury Secretary Timothy Geithner in particular, was portrayed as a direct rebuke of the White House's "lack of response to the economic situation."
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