And This Is Why I Hate To Say I Told You So

Because not 24 hours after the Senate financial regulation bill died, it got brought back from the dead and through that cloture vote 60-40.

Wall Street reform cleared a crucial test vote on Thursday, all but assuring final Senate passage of the most sweeping regulatory overhaul since the New Deal.

The Senate voted 60 to 40 to meet the threshold to overcome filibusters and send the measure to a final vote within days. Three Republicans voted for it, and two Democrats voted against it.

The legislation aims to stop bailouts, shines a light on complex financial products and strengthens consumer protection, to a final vote.

Final passage, which will require only 51 votes, is likely to come within days.


"We've made great progress ... it's been hard to get to this point," said Senate Majority Leader Harry Reid. "It's been a good debate. It's been the way the Senate should operate more often than it has."

The bill failed in a similar test vote on Wednesday. One key change Thursday was that Sen. Scott Brown, R-Mass., switched his vote to "yes."

Scott Brown is still a better Democrat than Ben Nelson.  Just sayin'.  Can we trade?

Seriously, I have to admit I was wrong, I figured yesterday was the killing blow on the legislation.  Now it looks like they have a deal and it's going to pass.  Chris Bowers:

Before the final vote on the bill, there will be 30 hours of debate and amendments.  There are only a couple of amendments that have been ruled germane: the Brownback amendment to exempt auto loans from new consumer protection laws, and the Merkley-Levin amendment to reinstate the Volcker rule that is attached to that amendment.  If there are others, I will report back and list them in this space.

Wall Street reform will pass the Senate, likely tomorrow evening.  What form the bill takes before it ends up on President Obama's desk is still to be determined.

So watch carefully to see if the Republicans exempt auto dealers from consumer protection laws, and to see if the Volcker Rule goes back in.

Of course, there's still the chance this will all blow up.  But that's looking very unlikely now with Scott Brown being the vote over the top.