From the Huffington Post:
The Senate Republicans are refusing to allow a vote on the Merkley-Levin amendment, which would put a meaningful version of the Volcker Rule into law (splitting off proprietary trading from major banks).
The White House
After weeks of dancing around, the Democrats finally have a signature issue on which to fight. Senator Carl Levin frames it exactly right: “It’s a sad day when the power of Wall Street can overwhelm the power of the American people in the US Senate.”
This is the opportunity that White House claims it has long sought — to have an intense fight on a financial reform issue that everyone can understand. Paul Volcker made his determination long ago: the big banks are too big and must, in this fashion, be broken up. Senators Merkley and Levin negotiated the precise language of their amendment in good faith. The Republicans have made their answer clear: No way.
Time for President Obama to make the call.
Only the president can break through the daily logjam of information. Only the president can define the issues in the simple, powerful and convincing terms that people can grasp. Only the president can insist — this is a matter of urgent national priority.