Senate GOP has votes to block FinReg debate

SENATE GOP HAS VOTES TO BLOCK FINREG DEBATE…. Senate Majority Leader Harry Reid (D-Nev.) signaled his intention to move forward as early as next week on financial regulatory reform legislation. “We have talked about this enough. We have negotiated this enough,” Reid said.

To prevent the bill from moving forward towards a vote, all 41 Senate Republicans would have to unanimously agree to filibuster the motion to proceed. (In other words, the GOP would refuse to allow the debate to even get underway.) As of yesterday afternoon, Senate Minority Leader Mitch McConnell (R-Ky.) did not yet have commitments from all 41 members of his caucus.

Today, that changed.

Every member of the Senate Republican Caucus has signed a letter, delivered to Senate Majority Leader Harry Reid, expressing opposition to the Democrats’ financial regulatory reform bill, which they all claim will lead to more Wall Street bailouts.

“We are united in our opposition to the partisan legislation reported by the Senate Banking Committee,” the letter reads. “As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks.”

The Republican caucus was not specific about the path ahead. Indeed, the GOP’s letter did not even specifically vow to block the motion to proceed, but rather, simply articulated the caucus’ collective “opposition.” It stands to reason, though, that the point of the letter is that Republicans are prepared to block the vote and the debate on bringing some safeguards to the industry that caused the economic disaster.

It’s worth remembering that Senate Democrats, by and large, didn’t really expect it to come to this. Given Wall Street’s scandalous recklessness, and the public’s disgust for irresponsible misconduct in the financial industry, Dems thought it would be politically suicidal for Republicans to reject reform efforts.

As of this afternoon, it appears Republicans are prepared to link arms and take their chances, fighting to protect Wall Street from accountability.