Reid Moves FinReg Bill, McConnell Says No
Just minutes ago, Sen. Harry Reid (D-Nev.) moved for the Senate to start debate on the financial regulatory reform bill on Monday, saying, “We’re going to move forward on this legislation because the American people demand it.” Sen. Mitch McConnell (R-Ky.) said no, as bipartisan negotiations were ongoing. Reid has now filed for cloture to start debate.
Thus begins what promises to be a heated debate and long parliamentary process on passing the final legislation. Democrats need one crossover to close debate, and a simple majority to pass.