Threat of more votes, promise of concessions, convinces GOP to let Wall Street reform go forward

by: Chris Bowers

Wed Apr 28, 2010 at 16:41


The threat of all night session, with another vote in the morning, seems to have helped convince Senate Republicans to allow debate to proceed on Wall Street reform:

Senate Republicans announced this afternoon that they will allow financial reform legislation onto the chamber floor for a debate after bipartisan talks hit an impasse.

The surprisingly aggressive Democratic pressure played a role, but so did the promise of changes to the bill

McConnell maintained that the three-times-over Republican block of the bill gave them enough time to get important assurances from Dodd. He even praised Sen. Ben Nelson (D-NE), who voted with Republicans to block the legislation, by name.

"The time afforded by my Republican colleagues and Sen. Ben Nelson was instrumental in gaining assurances from the Chairman that changes will be made to end taxpayer bailouts and the dangerous notion that certain financial institutions are too big to fail."


It remains to be seen exactly what has changed in the bill.  Usually,  something that Republicans agree to is not a good sign, but it is still best to reserve judgment.

Republicans are making some big rhetorical and optical concessions by relenting.  Their main attack against this bill has been that is institutionalizes bailouts, but McConnell and Shelby are now dropping that line.  Additionally,, the timing of their announcement that debate will go forward--during a flurry of Democratic pressure over repeated votes and the prospect of an all-night sessions--makes it look like they are caving to Senate Democratic pressure.

The debate and amendment phase of Wall Street reform will now begin.  All told, it should take about two weeks.  The bill will either pass, or be defeated, by the middle of May.  If it passes, the  next big, final step, will be a conference committee between the House and the Senate.

Chris Bowers :: Threat of more votes, promise of concessions, convinces GOP to let Wall Street reform go forward

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Sounds like face saving to me (4.00 / 1)
"The time afforded by my Republican colleagues and Sen. Ben Nelson was instrumental in gaining assurances from the Chairman that changes will be made to end taxpayer bailouts and the dangerous notion that certain financial institutions are too big to fail."

Since the bill already does this and the Republicans were just making shit up to claim otherwise, this sounds like a face saving announcement to conceal the fact the Dems just won.  Certainly if a Democrat said something like this we would all just laugh at him.  I hope I'm right.

May I assume with "the dangerous notion that certain financial institutions are too big to fail" that the Republicans will support breaking up the banks??  Or at least Lincoln's version that derivatives be handled by separate, spin-off companies?


I thought the main Republican attack would be that financial regulation would be "big government" (4.00 / 1)
"the end of free market enterprise" "an attack on our liberties" "government takeover" "socialism/Communism/fascism/Hitler/The Joker/evil" "someday we'll be telling our grandchildren what it was like when we were free" etc.

What happened to all that?  Where are the teabaggers on this radical government takeover?  Do we really want Big Government to control not only our health, but our stock options and derivatives too?


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