27 Apr 2010

Republicans block US banking overhaul

6:21 pm on 27 April 2010

The Republicans in the United States Senate have blocked new legislation to overhaul the country's banking system.

Senators voted not to debate a bill that would impose sweeping controls on banks and sent it back to the negotiating table for revision.

The vote was seen as an important test of support for the legislation being put forward by the majority of Democrats.

Republicans say the bill does not go far enough in its reforms, while Democrats say their opponents want to protect wealthy corporate interests, the BBC reports.

Both parties say they expect the overhaul will eventually be approved.