Since 2007, the year the Democrats re-gained control of Congress, the filibuster has turned into standard procedure for virtually everything that happens in the Senate. What was once considered a special rule to be used on rare occasions for personal dissent on an issue has become a routine matter of course for obstructing the other side of the aisle and gaining a political advantage.Read Full Article Comments (6)
As expected, Senate Majority Leader Harry Reid [D, NV]has filed for cloture on the financial reform bill, setting up the possibility of a Wednesday vote on ending the debate and forcing an up-or-down vote on passage.
For financial reform advocates, this is mixed news. On the one hand, the bill that Reid is filing cloture on is stronger than what anyone had really expected the Senate to produce. Blanche Lincoln's tough derivatives language is still mostly in tact, strengthening amendments regarding debit fees, ratings agencies and auditing the Fed have been adopted, and every attempt to weaken the bill so far has been beaten back. On the other hand, some of the most important strengthening amendments haven't been voted on yet and may not get voted on if cloture is approved on Wednesday.Read Full Article Comments (1)
The votes have really been rolling in on the financial reform bill in the Senate. So far, there have been 20 roll call votes on the bill -- 4 on ending the initial Republican filibuster of beginning the debate and 16 since on amendments. Of those 16 amendment votes, 9 have been approved and added to the bill. Additionally, six amendments have been adopted without roll calls by voice votes.
Click through to get all the info on the latest amendments adopted and what we can expect to be up for votes next.Read Full Article Comments (1)
The Obama-proposed Volcker Rule, which is designed to prohibit banks from engaging in high-risk speculation that has no societal benefit, was supposed to be "dead on arrival" in the Senate. Banking Committee Chairman Sen. Christopher Dodd [D, CT], who is retiring and hopes to pass financial reform as a last boost to his legacy, saw the proposal as a poorly-timed addition to the legislation that could threaten its support from conservative, pro-Wall Street lawmakers.
But from the summary of the bill released today by Dodd, it appears to be included ...just in a watered-down, toothless iteration:Read Full Article Comments (2)