Senate Invokes Cloture on FinReg, 60-40
The Senate just agreed to end debate on the financial regulatory reform bill, 60 to 40. Sens. Olympia Snowe (R-Maine), Scott Brown (R-Mass.) and Susan Collins (R-Maine) joined the Democrats in voting for the measure; Sens. Maria Cantwell (D-Wash.) and Russ Feingold (D-Wis.) chose to vote against the measure. (Sen. Arlen Specter (D-Pa.) returned from his home state to vote with the yeas.)
Sen. Harry Reid (D-Nev.) has promised votes on “germane” amendments this afternoon — including Sen. Sam Brownback’s (R-Ky.) amendment exempting auto dealers from Consumer Financial Protection Agency rulings, and Sens. Jeff Merkley (D-Ore.) and Carl Levin’s (D-Mich.) secondary amendment to it, imposing the Volcker Rule banning proprietary trading at federally insured banks.
Reid said on the floor that “in the best of all worlds” the final vote on Sen. Chris Dodd’s (D-Conn.) bill would come today. A number of major amendments remain in flux, and it is not clear what changes will be made in conference committee, where the House and Senate regulatory reform bills will be merged.