WASHINGTON – Senate Majority Leader Harry Reid moved to end three weeks of debate and move toward a final vote on the bank reform bill, setting up a final vote as early as today.
The Nevada Democrat filed what is known as a cloture motion, which will be voted Wednesday. At least 60 senators must vote to end debate. Senate rules allow up to 30 hours of work before a final up-or-down vote on a bill, but Reid could ask for a final vote Wednesday if no senator objects.
The bank bill will create a new consumer financial protection agency; set up a process for winding down so-called too-big-to-fail banks and regulate financial derivatives for the first time.
The move comes as the Senate was debating several major amendments and had as many as 49 others that were being considered for debate. One amendment approved yesterday awards states more power to pursue cases against national banks and credit unions, but preserves the right of federal regulators to stop states from pressing some consumer protection cases.
Under the amendment, state attorneys general gain the ability to pursue consumer protection cases against national institutions based on rules set by a new consumer protection bureau, which would be housed in the Federal Reserve. But the amendment also contains a provision giving federal regulators the ability to stop states from pursuing some consumer protection cases even if there is no federal law covering the issue.
In moving to end debate Reid said the bill "won't do anyone any good until we can send it to the president for his signature." He also wants to clear the way for Senate action on other must-pass legislation before Memorial Day, including legislation to continue funding the wars in Iraq and Afghanistan.
