The Senate has reached cloture on Wall Street reform, 60-40. While Maria Cantwell and Russ Feingold voted against cloture, Arlen specter was around to vote today and Republican Scott Brown changed his "no" vote to "yes." The bill was thus able to achieve exactly 60 votes.
If Cantwell was still a no, that must mean the derivatives loophole she targeted was not fixed to her satisfaction. While there is still hope of fixing it, it would require some difficult procedural maneuvering. Further, Cantwell has lost a lot of leverage, since Scott Brown now a yes, and since from now through the conference committee (if there is one, and the House doesn't just adopt the Senate bill), all votes will only require a simple majority for passage. So, it might not get fixed., which sucks.
Before the final vote on the bill, there will be 30 hours of debate and amendments. There are only a couple of amendments that have been ruled germane: the Brownback amendment to exempt auto loans from new consumer protection laws, and the Merkley-Levin amendment to reinstate the Volcker rule that is attached to that amendment. If there are others, I will report back and list them in this space.
Wall Street reform will pass the Senate, likely tomorrow evening. What form the bill takes before it ends up on President Obama's desk is still to be determined.