State of play on the financial reform bill

From NBC's Ken Strickland
With Robert Byrd's death, there is plenty of speculation on Capitol Hill on whether Senate Majority Leader Harry Reid can muster the 60 votes needed to break an expected GOP filibuster on the financial regulatory reform bill. The vote for final passage is expected this week.

Last month, Byrd voted with his party -- with three Republicans joining him -- to give Reid the 60 required to advance the bill to Senate passage. But two Democrats, Maria Cantwell and Russ Feingold, defected, saying the Senate bill was too weak.

Today, Feingold made it clear that he's still a "no" on the latest version, which was merged with the House bill in what's called a conference committee.

"As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis. The conference committee's proposal fails that test, and for that reason I will not vote to advance it," Feingold said in a written statement.

It's also unclear if the four Republicans who voted for the Senate bill will support the new version. Those Republicans are Scott Brown, Susan Collins, Olympia Snowe, and Chuck Grassley. (Brown has already indicated he has some issues with a provision in the new bill, saying it amounts to a tax on big banks.)

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Pat, Boston, MA

Think Progress:

Steve Forbes: Death good news for Wall Street

News of Sen. Robert Byrd’s (D-WV) death has been met with an outpouring of reverence for his distinguished career, with even political opponents, like Minority Leader Mitch McConnell (R-KY), praising Byrd’s “remarkable life” and “devotion to the U.S. Constitution.” But Steve Forbes, CEO of Forbes Inc. and perennial GOP presidential candidate, celebrated Byrd’s death, declaring that it was “good news” for those opposed to Wall Street reform-

Byrd’s death does indeed imperil the final passage of financial reform bill, but Forbes could show a little more respect by hiding his glee at the prospect of his Wall Street friends getting off the hook. The major threat to the bill comes from Sen. Scott Brown (R-MA), who has threatened to vote against the measure, even though he secured a special deal and has been supportive thus far. Forbes is a co-chair of the corporate-funded astroturf group FreedomWorks, which helped Brown win his seat in January. (HT: Wonkette)

1 vote

#1 - Mon Jun 28, 2010 6:29 PM EDT

Paul-977599

There ought to be a way to remove an elected official from his office once he or she has lost the capacity to execute all of the functions of that office. I have been calling for a removal of Byrd from the senate for over three years, we all need to adjust to the reality that we all can outlive our usefullness. And as for the filibuster, this mess that Harry Reid has allowed to go on for far too long needs to be rectified and never permitted to happen again. Rule 22 of the Senate is an abomination of the Democratic process. If you wish to filibuster you should have to get up on your feet and filibuster this rule 22 FINO is ruining the Republic.

1 vote

#1.1 - Mon Jun 28, 2010 6:38 PM EDT

Anna Molly

OMG ... to think we are living in times where people can say such things openly.

#1.2 - Tue Jun 29, 2010 9:10 AM EDT

longhair51

Actually, rule 22 was enacted by the Senate in 1917 as a tool to limit debate. Prior to that, debate in the Senate was without limit.

I personally think that we would be much better off with more debate. Perhaps this would limit poorly written, ill concieved, or unneeded legislation.

#2 - Mon Jun 28, 2010 10:48 PM EDT

Joe in Albany

Any "Financial Reform" bill that fails to do ANYTHING about Democrat love children Fannie and Freddie is nothing more than a really bad political joke. And the joke is on the American taxpayer. The latest CBO estimate of the taxpayer funded losses at Chris Dodd and Barney Frank's love children could be up to $400,000,000,000.

#3 - Tue Jun 29, 2010 8:56 AM EDT