Having won over Sen. Scott Brown [R, MA] and having Sen. Arlen Specter [D, PA] back in the chamber to place his vote, the Democrats today found 60 votes and passed cloture on their financial reform bill. That means that a final vote on the bill requiring a simple majority of 51 votes must take place within the next 30 hours.
The bill, called the Restoring American Financial Stability Act of 2010, attempts to fix regulations of derivatives, create new consumer protections for financial products, and set up an orderly liquidation process for winding down failing systemically risky financial institutions to avoid future bailouts, and much more. A summary of the bill as filed (without the dozens of floor amendments that were added) can be found here (pdf).Read Full Article
As I reported yesterday, Senate Democrats lost a big procedural vote to wrap up the financial reform debate and move to passage of the bill because two of their own -- Sen. Maria Cantwell [D, WA] and Sen. Russ Feingold [D, WI] -- wanted to hold out and try to strengthen it. I said yesterday that the two were probably hoping to get a vote on an amendment they are co-sponsoring to reinstate the old Glass-Steagall Act firewall between commercial and investment banks. I was wrong. Cantwell's office today released a statement explaining why she voted no, and it's all about improving the bill's derivatives section:Read Full Article
Senate Democrats beat back an amendment to their financial reform bill from Sen. John McCain [R, AZ] on Tuesday that would have required the government to release Fannie Mae and Freddie Mac from their control and force them to sink or swim in the free market like all the other financial companies. The amendment was defeated by a vote of 43-56, with all Republicans voting in favor along wit two Democrats -- Sen. Evan Bayh [D, IN] and Sen. Russell Feingold [D, WI].Read Full Article
Congress is clearing out ahead of an expected snow storm today but lawmakers did manage to accomplish a few things before skipping town. Here are a few articles and blog posts on note from today:Read Full Article
The omnipresent refrain in Washington for the past few months has been “jobs, jobs, jobs.” Possibly terrified of the wrath of the unemployed voter, Senate Democrats are now making progress in crafting a jobs bill.Read Full Article
Sen. Russ Feingold has reintroduced the Senate Campaign Disclosure Parity Act, legislation that would force the Senate to provide speedy access to campaign finance information. Efforts to approve the bill during the 110th Congress were stifled by Republicans attempts to attach non-germane amendments and hold other bills hostage. In the 111th Congress, Sen. Pat Roberts is insisting on an amendment that would require outside groups to disclose their donors when filing ethics complaints against senators.Read Full Article