Senate Majority Leader Harry Reid (D-NV) is expected to file a cloture motion that would limit remaining amendment debate and pave the way for a vote on final passage of the legislation. In order to succeed, the cloture motion must garner 60 votes – a threshold that requires Democrats to secure at least one Republican vote.
The financial reform measure has been considered under an open amendment process, which has resulted in more than 200 amendments filed from both sides of the aisle. The bill’s sponsor, Senate Banking Chairman Christopher Dodd (D-CT), has indicated support for several dozen pending amendments, many of which could be combined into a larger manager’s amendment this week in order to speed up the process.
Majority Leader Reid, who initially sought to wrap up consideration of S. 3217 by the end of last week, has stressed the need to complete the bill in a timely manner so that the Senate can move on to other pressing matters – such as long-stalled tax extenders legislation and possibly a supplemental appropriations measure – before Congress breaks for a weeklong recess on May 28.
We will continue to monitor this process closely and provide updates on InsureReinsure.com.
