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Cantwell’s Office Unclear On Next Steps For Fixing Derivatives Loophole

I just contacted Sen. Maria Cantwell’s office for a response to the invoking of cloture on the Wall Street reform bill. Cantwell again voted against cloture, wanting to get a vote on her amendment closing a loophole in the derivatives part of the bill. Her office stated that her floor speech last night explained why she voted against cloture again today. As for next steps:

She will continue, of course, to work to improve the bill and get her concerns addressed. How that may happen I don’t think is yet clear.

Michael Greenberger told me that it would be very difficult to fix the loophole in conference committee, because a similar problem exists in the House version of the bill. It’s possible that it could be attended to with a manager’s amendment or some technical change like an enrollment, but right now, things are fuzzy as to what option, if any, will prevail.

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David Dayen

David Dayen

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