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April 22, 2010 - by Eric Naing

The gauntlet has been thrown down on financial regulation. Senate Majority Leader Harry Reid [D, NV] today filed for cloture on the financial regulation bill (S.3217). Senate Democrats have made some headway on the issue with several Republicans signaling their willingness to negotiate. Reid’s action means that Republicans now have until Monday to decide if they’re going to uphold a filibuster to block the bill or allow it to be debated. It’s amazing how quickly this debate has moved this week and I’m sure there are more surprises ahead. If you want to catch up, take a look at today’s Congress Links:

  • Much of the progress made on financial regulation this week was due to the fact that several Republican senators were reportedly willing to abandon Senate Republican leader Mitch McConnell’s [R, KY] strategy of all-out opposition. (Talking Points Memo)
  • The biggest opponent of financial regulation, of course, isn’t the Republican leadership but the banks and business groups. (The Los Angeles Times)
  • For those who missed it, here’s a transcript of President Obama’s big speech in New York in which he makes the case for financial regulation. (The White House)
  • Which party loves money from the financial industry? Both parties, of course. (The Washington Post)
  • Definitely take the time to read this article of how President Obama is sidelining the Congressional Black Caucus and what that means for future administrations. (The Root)
  • By unanimous consent, the Senate has approved a bill to prevent Congress from getting an automatic pay raise this year. If the bill becomes law, it will be the second year in a row that Congress has denied themselves a raise. (Washington Post)
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