Cybersecurity Bill Opposed by Financial Industry Stalls

WASHINGTON — A cybersecurity bill opposed by the financial industry stalled Thursday in the Senate.

Supporters of the bill, which is sponsored by Connecticut Sen. Joseph Lieberman, needed 60 votes to move forward with the measure. They got 52 votes, mostly from Democrats, while 46 senators voted against moving ahead with consideration of the bill.

The Senate measure was opposed by a number of financial industry trade groups, including the American Bankers Association and the Financial Services Roundtable. They argued that it would add a layer of inconsistent and potentially duplicative regulation for financial firms.

A cybersecurity bill that passed the House of Representatives earlier this year has more support from the financial industry.

"The banking industry supports creating an effective cybersecurity policy, and we'll continue working with Congress to achieve that goal," ABA lobbyist James Ballentine said in a statement Thursday.

"It's critical that any legislative proposal takes a balanced approach that builds upon — but doesn't duplicate or undermine — what's already in place and has proven highly effective in the financial sector."

There is support among both Senate Democrats and Republicans for passing cybersecurity legislation this year, so the chamber may take up the matter again when it returns from recess in September.