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Senate Majority Leader Sen. Harry Reid [D, NV] filed for cloture on the financial reform bill today, meaning that the Senate can move forward with a vote to begin debating on Monday. Under Senate rules, if there is an objection to a unanimous consent request to bring up a bill for floor debate, as is the case with the financial reform bill, at least 16 senators must sign and file a cloture petition on the motion to proceed to the bill. After 30 hours, the Senate can vote on whether or not to invoke cloture. The cloture vote is set for Monday, April 26 at 5:00 p.m. ET and will require a supermajority of 60 votes to pass.

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The Congressional Budget Office has released their "score" for the financial reform bill (a.k.a. the Restoring American Financial Stability Act of 2010), and it looks like more good news for the Dems. Reuters reports:

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An Amendment to Break up the Big Banks

April 21, 2010 - by Donny Shaw

There has been an ongoing partisan spat in the Senate recently over whether or not the financial reform bill as prepared by Sen. Chris Dodd [D, CT] would actually end bailouts. Politifact has shown that Minority Leader Sen. Mitch McConnell's [R, KY] statement that the bill "actually guarantees future bailouts of Wall Street banks" is false, but there is more ambiguity over whether the resolution authority provision in the bill is actually strong enough to guarantee that there will never again be bailouts of too-big-to-fail banks.

Sens. Sherrod Brown [D, OH], Ted Kaufman [D, DE], Bob Casey [D, PA] and Sen. Sheldon Whitehouse [D, RI] today announced that they are proposing legislation that I think everyone can agree would end once and for all the problem of having to bailout failing banks that are too big to fail.

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What Happened to Auditing the Fed?

April 21, 2010 - by Donny Shaw

One of the great political success stories of the past couple years has been the audit the Fed movement. Starting with an unlikely partnership between the far-right Rep. Ron Paul [R, TX-14] and far-left lawmakers Rep. Alan Grayson [D, FL-8] and Sen. Bernie Sanders [I, VT], the push to open up the Federal Reserve to a complete government audit for the first time ever (H.R.1207) has attracted more than 300 co-sponsors in the House and was included in the House's financial reform bill that was approved last December.

But now that financial reform has moved into the Senate, the audit the Fed proposal has disappeared from the bill and there is virtually no talk of trying to put it back in. Instead, the Senate financial reform bill as written by Banking Committee Chairman Chris Dodd [D, CT] includes a section that looks deceptively like a Fed audit, but would actually do nothing to open up the Fed or remove the special audit restrictions that have allowed the Fed to operate in secrecy for decades.

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Financial Reform Roundup

April 16, 2010 - by Donny Shaw

The big Wall Street reform bill (S.3217) could hit the Senate floor as soon as next week. The legislative pieces are falling into place, the White House is staking out its position and the Republicans are firming up commitments of opposition from their more moderate members. Here's a roundup of the latest financial reform news out of the Senate.

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