Cloture achieved on Wall Street refrom

by: Chris Bowers

Thu May 20, 2010 at 15:00

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.

Chris Bowers :: Cloture achieved on Wall Street refrom

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Manager's Amendment, too (0.00 / 0)
Dodd and Shelby will probably be offering a manager's amendment before the end, too. It'll include a number of noncontroversial changes to the bill.  

... (4.00 / 2)
Maybe... but I'm a bit concerned when I read Bank lobbyists saying the word is the derivatives portion won't be in the final bill, which makes me think guys like Dodd will fuck us on that.... especially if Lincoln has gone down to defeat.

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Well founded concern (0.00 / 0)
The conference committee will be made up of the key players--including the Agriculture and Banking committee chairs, Dodd and Lincoln. It doesn't sound like either one of them really backs the tough derivatives language, so it'll most likely be tossed when they go to reconcile the differences between the House and Senate versions.

[ Parent ]
.. (4.00 / 2)
It was interesting to read the Pentagon come out against Brownback's amendment.   They say that a lot of unscrupulous car dealers setup near bases and target soldiers with bad loans.

shelby to back merkley levin (4.00 / 1)
hmm shelby will back merkley levin and vote for it-

Really? (0.00 / 0)
I hope this is true... Or do I? It's so tough, with the good Merkley-Levin Amendment attached to that POS wet kiss to auto dealers that Brownback wants. Maybe the amendment can pass and the auto dealer exemption can be stripped in Conference? One can hope?

Yes, Virginia, there are progressives in Nevada.

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The art of the deal (0.00 / 0)
liberals sucked up the auto dealer exemption to get a tough amendment in Merkley-Levin...when the government functions normally, that's pretty much how it functions. Both sides are happy and unhappy at the same time.

[ Parent ]

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