Financial Reform Watch

Tonight the Senate Democratic leadership was unable to get the 60 votes necessary to advance comprehensive financial regulatory reform legislation (S. 3217). The motion to proceed to the bill failed by a vote of 57-41. Sen. Ben Nelson (D-NE) was the lone Democrat to vote with the united Republicans. Senate Banking Committee Chairman Chris Dodd (D-CT) and Ranking Minority Member Richard Shelby (R-AL) continue to work behind the scenes toward a compromise package that could attract more than 60 votes. At the same time, Senate Republicans are rumored to be drafting a Republican alternative to the Banking Committee-passed bill. Senate Majority Leader Harry Reid (D-NV) can move to reconsider tonight's vote -- i.e. a do-over -- at any time, but he is not likely to do that until he has secured at least 60 votes.