A second attempt to move along legislation that would reform the U. S. financial system failed in the Senate Tuesday on a 57-41 vote, media reports have revealed.

It was reported that once again, a vote to start formal debate on the bill fell three votes shy of the necessary 60 votes to avoid a filibuster. A vote to advance the bill failed Monday by the same 57-41 vote with all Republicans present voting against ending cloture to allow formal debate to begin. On both days, Sen. Ben Nelson, D-Neb., joined Republicans.

Sen. Dianne Feinstein, D-Calif., said immediately after the vote that republicans' refusal to allow debate on the bill "is just an amazing thing. We cannot even begin to debate on this bill. ... We are prevented essentially from debating one of the most important bills that Congress could pass."

In debate leading up to the vote, senators on both sides of the aisle said no one was against financial regulation reform -- they just had differing views on how the Senate bill would help to achieve it.

Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, said in debate, "The way to fix the bill is to begin to debate the bill. Can we begin discussing the bill? Because, until we move on to the bill, all this talk is nothing but talk."

Sen. Pat Roberts, R-Kan. said that republicans agree better regulation of the U. S. financial system is needed, but Dodd's bill "does not achieve that goal."

Constituents have demanded that they "never be put on the hook" for another bailout of a failed company. Republicans have expressed concern that bailouts could be institutionalized in the bill while Democrats said that wasn't the case, he said. (With Inputs from Agencies)