Category Archives: Conference Reports

Senate Adopts Financial Reform Conference Report, Obama Signs

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(Originally posted July 15)

Senators have given final passage to the Restoring American Financial Stability Act (H.R. 4173) conference report by a vote of 60-39.

Prior to this vote, members waived a budget point of order against the bill raised by Senator Judd Gregg (R-NH) by a vote of 60-39.  Sixty votes were needed to waive the motion.

The bill now goes to President Obama for his signature.

Update (7/21): This legislation has been signed into law by President Obama.

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Senate Adopts Cloture Motion on Financial Reform Conference Report

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Senators have adopted a procedural (cloture) motion to limit debate and move toward final passage of the Restoring American Financial Stability Act (H.R. 4173) conference report by a vote of 60-38.  Sixty votes were needed for passage.

A final vote will take place later this afternoon.

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Grassley Will Oppose Final Financial Reform Bill

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Senator Chuck Grassley (R-IA) “plans to vote no on a compromise banking industry regulation bill poised to clear the Senate, having supported the Senate version earlier this year, the Republican said today,” according to the Des Moines Register.

Grassley, a senior Republican, said the new version of the bill includes new spending and covers the increases by using money from the 2008 billion banking industry bailout and raising insurance fees on banks.

“It’s a bill most of Wall Street wants passed. And quite frankly, if Wall Street’s pushing for it, is it really much of a change for Wall Street?” Grassley told reporters in a conference call. “And it seems to me the last thing Iowans would expect in any real reform bill is that Wall Street would be backing it.”

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Democrats to Focus on Three Bills

President Obama and Senate Democrats "agreed on Tuesday to a three-bill agenda that they believe will strengthen their party for November’s midterm elections," The Hill reports.

Democrats agreed to send the Wall Street reform conference report, an extension of unemployment benefits and legislation bolstering credit for small businesses to Obama’s desk in the next two weeks.

They calculate that all three bills fit the party’s campaign narrative that Democrats are standing up for working people while Republicans act for Wall Street and corporate interests.

The three-bill agenda also embraces the notion that politics is the art of the possible, for the party appears to have the votes to pass these pieces of legislation.

They also expect "to win confirmation of Obama’s second pick for the Supreme Court, Solicitor General Elena Kagan, and move an emergency spending bill for the Afghanistan and Iraq wars."

Majority Leader Harry Reid (D-NV) "announced that the Senate will take up energy legislation before the August recess, but it is far from clear whether that bill will reach Obama’s desk."

Senators acknowledge that "once members return from recess on Sept. 13, little legislating will be possible before the election."

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Reid to File Cloture on Financial Reform Conference Report

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Majority Leader Harry Reid (D-NV) “will file cloture on the Wall Street reform report on Tuesday, paving the way for a final vote later this week,” the Huffington Post reports.

On the Senate floor Tuesday morning, Reid said he "expect[s] to consider the Wall Street reform conference report sometime later today."

Reid spokesman Jim Manley said that the majority leader intends to file cloture, not bring the bill to a floor vote, which would require the consent of all senators.

One last-minute Democratic holdout appears on board now:

An aide to [Ben] Nelson tells HuffPost that the Nebraska senator will vote yes, giving Democrats the 60 needed to break a filibuster. A vote can’t come until Thursday, given Senate cloture rules, but, effectively, it’s over.

Update: Reid has officially filed cloture on the bill, with a vote expected as early as Thursday morning.

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