Reid still planning to hold vote on financial reform bill Monday

The office of Senate Majority Leader Harry Reid (D-Nev.) Sunday said it will go ahead with a key procedural vote on the financial regulatory bill Monday even though it appears Democrats do not have the votes to approve it.

Reid will hold the vote Monday afternoon even though the top two senators on the banking committee said Sunday they do not have an agreement on the bill, which all GOP senators currently oppose.

{mosads}Asked to confirm a report that the vote will happen on schedule, Reid spokeswoman Regan Lachapelle said, “Yes, that has been the plan all along. Before we left last week we set a vote for cloture on the motion to proceed for tomorrow at 5 p.m.”

Senate Minority Leader Mitch McConnell (R-Ky.) said on “Fox News Sunday” that he does not expect the vote will happen Monday because he believes he has the 41 votes necessary to uphold a filibuster of the legislation.

The vote Monday would allow senators to open formal debate on the measure designed to rein in large banking and investment firms many blame for the 2008 financial crisis. 

Republicans have objected to opening debate, saying they want more time to negotiate the measure. Democrats have said that an agreement can be reached during formal debate. 

Reid has said it is time to bring the bill to the floor after months of negotiations.

Senate Banking Committee Ranking Member Richard Shelby (R-Ala.) said on NBC’s “Meet the Press” that he does not think Democrats will win the vote Monday but said that a deal is very close. Both chairman Chris Dodd (D-Conn.) and he predicted that a deal could get done as early as Monday.

A senior GOP aide said “the vote was locked in last week, although Sen. Reid could always postpone it with [unanimous consent] and allow bipartisan negotiations to continue.”

Tags Harry Reid Mitch McConnell
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