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FinReg Will Become Law as Early as Thursday

Multiple outlets, but led by Jane Kleeb at Bold Nebraska, have confirmed that Ben Nelson will support the financial reform bill. It’s unclear what Nelson got in exchange for his support, but that was a pretty quick turnaround. Maybe Harry Reid told him that his objection to no Senate input on the head of the new consumer protection bureau was totally ridiculous, because the position is subject to Senate confirmation. Perhaps Nelson just said, “Oh,” and moved on.

Reid will file cloture on the bill today, setting up a Thursday vote where 60 votes are all but assured. This bill will become law sometime this week.

We’ll have a lot of time for post-mortems and things later on. From a Congressional perspective, it’s all over. Now the 30-plus studies and regulatory wrangling will commence.

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David Dayen

David Dayen