Correction: No decision today. I am just flat wrong on this.
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Perhaps the biggest decision on amendments to Wall Street reform legislation will be made early this afternoon. During a Democratic Senate caucus meeting that will take place at lunch today, Dems will decide whether 51 or 60 votes will be required for amendments to be attached to the legislation on the floor.
If only 51 votes are required, a wide range of amendments--both strengthening and weakening--will be possible. If 60 votes are required, the chances of any amendments passing will be virtually nil. As such, this decision will largely determine the fate of some of the more prominent strengthening amendments, including Warner's bid to reinstate Glass-Steagall, the Sanders amendment to audit the Fed, and the Brown-Kaufman bid to break up big banks. The Obama administration opposes each of the last two
The pattern for Democrats in 2009-2010 has been to try and avoid attaching amendments to legislation as much as possible, in order to avoid blowing up deals on votes that had been made behind closed doors. However, so far in the case of Wall Street reform, Democrats have shown a desire to face as many Republican weakening amendments as possible, to make the GOP look like they are defending Wall Street. Meanwhile, Republicans have passed on chances to hold votes on weakening amendments on Wall Street reform, allowing both the Banking and Agriculture committees to pass their bills without any amendments votes at all. Republicans have instead opting for negotiations behind closed doors, which don't make them look as bad.
So, it is difficult to predict the outcome of today's caucus meeting. We will have the result shortly. You can read a complete list of amendments that have been filed here.
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