Dodd, McConnell, Shelby Say FinReg Is ‘Not There Yet’

With a cloture vote to open formal debate on Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill scheduled for 5 p.m. this evening, Senate Democrats spent the weekend negotiating with Republicans likely to support the bill, including Maine Sen. Olympia Snowe.

It seems that Democrats do not yet have the crossover support.

Sen. Mitch McConnell (Ky.), the minority leader, told FOX News Sunday, “It’s my expectation that we will not go forward with this partisan bill tomorrow,” and that “it’s not ready yet.” On NBC’s Meet the Press, Sen. Richard Shelby (R-Ala.) and Sen. Dodd said much the same. “I think that nothing happens between now and tomorrow,” Shelby said. “The Democrats will not get cloture.”

But Republican opposition to the bill seemed to be softening, with issues for debate winnowing down to: the $50 billion “resolution authority” fund, which some Republicans wrongly insist would mean taxpayer funded bailouts for big firms; the role of the Consumer Financial Protection Agency; and a provision backed by Republicans to guarantee no taxpayer funds will be used for bailouts.