Reid Won't Back Down

Less than 24 hours after the Senate failed to secure the necessary 60 votes to begin debating financial regulatory reform legislation—and after the electorate woke up to newspaper headlines reading “Financial Overhaul Blocked by GOP” and “Filibuster Stalls Financial Reform Bill”—Senate Majority Leader Harry Reid (D-NV) has announced plans to do it all over again.

At 4:30 p.m. today, the Senate will once again vote on a motion to begin debate on the Restoring American Financial Stability Act of 2010 (S.3217). Although there are currently no indications that the results will be any different—as Senate Banking Committee Chairman Christopher Dodd (D-CT) and Ranking Member Richard Shelby (R-AL) have yet to agree on a bill that both sides find acceptable—the Senate Democratic leadership is continuing a strategy that aims to portray Republicans as road blocks to Wall Street reform. Appearing determined to turn up the political heat, Reid has also taken steps to set up another vote on Wednesday if necessary.

Stay tuned for the results.

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