Update: Late word from the majority leader's office on what afternoon business will be on the floor. They are currently off the floor for weekly caucus lunches. When they come back at approximately 2:45pm (eastern) they will proceed to vote on the following amendments:
- Corker #4034 (preemption)
- Carper #4071 side-by-side to Corker amendment
Carper's is the very bad amendment that could hamstring state AGs from being able to enforce strong consumer protections. Both of these amendments need to be defeated.
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Harry Reid filed cloture on the bill yesterday, setting up a vote for as early as Wednesday. Bill Scher at OurFuture.org rounds up some of the key amendments pending on the floor that could make Wall Street reform have real teeth.
Dorgan, Cantwell threaten filibusters if their amendments aren't heard. Politico: "Sen. Byron Dorgan (D-N.D.) has said he will filibuster the bill unless the Senate votes on his amendment banning a speculative financial instrument known as a "naked" credit default swap. Sen. Maria Cantwell (D-Wash.) has done the same, saying she needs a vote on her amendment separating commercial and investment banking operations. Senate Majority Whip Dick Durbin (D-Ill.) said any Democratic defections are a cause for concern."
Volcker Rule opponents try to establish 60-vote threshold. HuffPost: "If any Senator objects to moving to a vote on an amendment, that Senator can effectively require a 60-vote threshold. A 60-vote threshold would benefit opponents of Levin-Merkley and became seriously discussed as a possibility only over the past week, as support for it surged, with some counts putting it over the 50 votes it would need for a majority, according to sources closely involved in negotiations. Only Sen. Dick Durbin's (D-Ill.) credit-card reform amendment has so far needed 60 votes. The rest have required only a simple majority. The higher requirement is an indication of the high stakes in play for Wall Street." OurFuture.org's Zach Carter: "In Defense Of The Volcker Rule."
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Sen. Whitehouse amendment seeks to clamp down on credit card rates. Bloomberg: "Credit-card firms caught off-guard by U.S. Senate passage of curbs on debit fees last week may be forced to abide by state limits on interest rates under another amendment to the financial overhaul bill ... Whitehouse’s amendment wouldn’t set rate caps, leaving that to individual states, with the law taking effect 12 months after enactment."
Add to that list Jack Reed's amendment to make the CFPA an independent, stand-alone agency.
So far, the one secured of a vote is Merkley-Levin, and as David Dayen reports, it's really close.
Sources close to the debate have released a pretty good target list for the Merkley-Levin amendment, which is basically the Volcker rule. There are apparently two definite No’s among Democrats (Hagan, Warner) and one definite GOP Yes (Lugar). If a 60-vote threshold is required, which is likely, Merkley-Levin would need two more Republicans supporting among the remaining votes than Democrats opposing. Here are the rest of the votes in play:
Republican Undecided (6)
Collins, Snowe, Voinovich, Grassley, McCain, Scott Brown (lean Yes)
Democratic Leaning No (2)
Klobuchar, Ben Nelson
Democratic Undecided (6)
Lieberman, Gillibrand, Schumer, Carper, Byrd, Bayh (lean Yes)
Having these amendments make it into the final package is going to be even more critical now that Dodd is drawing up the manager's amendment for the whole bill, which will include those amendments that pass on the floor. He's working, behind closed doors--just like the Dems accused the Republicans of wanting to do--with Shelby, and will almost certainly weaken the Lincoln derivatives reform, as seems to have been the plan to try to save Lincoln's seat.
The last chance to make this bill really effective in reining in Wall Street is today and tomorrow. It's worth making the call or sending an e-mail to your Senator to push for real reform--particularly if he or she is on the list above.