The Senate has taken up the Boxer amendment to force the government to liquidate large institutions in trouble and ensure that they taxpayers aren't on the hook for future bailouts. The timing and the process for the rest of the amendments hasn't yet been decided, though Reid is pushing for a straight majority vote for all amendments, in hopes that they can finish work on the bill by the end of next week.
In his opening statement on the floor, Reid stated emphatically that there is too much left on the legislative docket for debate on the Wall Street overhaul to extend past next week.
“I hope we can move forward and get this legislation done. We have to finish it by next week and we'll finish it one way or the other by next week. We have to do that,” Reid said. “We have so much more to do.”
The majority leader cited a long-term tax extenders and unemployment benefits bill—which passed on a temporary basis the last two months— among issues that need to be addressed before recess, which begins May 28.
In order to finish the regulatory reform legislation on a tight calendar, Reid said he has recommended his caucus accept a 51-vote threshold for amendments instead of requiring a 60-vote threshold on each provision that comes to the floor.
Both caucuses are having their weekly lunches today, and will hopefully come to a decision on the handling of amendments today. Since Repubicans have a number of amendments, including many to create loopholes and weaken provisions of the bill. They'll want their amendments to pass, too, so it's possible we'll see simple majority votes.