Quick Senate Markup of Financial Reforms?

It’s looking that way.

Observers had expected a drawn-out battle over Senate Democrats’ plans to overhaul the nations financial regulations in favor of more oversight and consumer protection. The Senate bill is being marked up in the Banking Committee beginning at 5 p.m. today.

But sources on and off Capitol Hill are now indicating that, in a surprise move, the Republicans — who’ve introduced hundreds of amendments designed to dilute the bill — will pick their fight on the Senate floor in lieu of the committee room. CNBC has the money quote (via NYT) from Sen. Bob Corker (R-Tenn), a member of the Banking panel who had been in negotiations with Chairman Chris Dodd (D-Conn.) over the reform package.

“What will happen tonight is probably — there will be no markup,” Corker told CNBC. “There will be some opening statements and the bill will pass out. So here you have a 1,300-page bill that is chalk [sic] full of substance that actually matters that really won’t be vetted.”