Dodd to Ram Through Finance Bill?

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Sen. Bob Corker (R-Tenn.), a top GOPer in the Senate’s financial reform talks, told CNBC today that the committee charged with drafting a comprehensive Wall Street overhaul could ditch the negotiations and amendments process and vote on the bill as early as today. Nearly 400 amendments to the Dodd bill had been offered by Democrats and Republicans on the Senate banking committee over the weekend, but those all appear to be forgotten now. The move to vote now in committee, where there’s a partisan split on the financial bill drafted by committee chair Sen. Chris Dodd (D-Conn.), sets the stage for a negotiations to take place in the full Senate, which won’t take up financial reform until next month. “You’ll have Easter recess, and that’s when, I guess, over the course of the next several weeks when the real negotiations will be taking place,” Corker said. “It’s probably true that we have a better opportunity with a different cast of characters, the full Senate, to do something that is sound policy-wise.”

The move to bypass committee-level negotiations and go straight into the full Senate, provided the bill gets out of the banking committee, will open financial reform up to a divided Senate already bogged down with its legislative agenda. Many of the amendments offered within the banking committee over the weekend—by turns to weaken and strengthen a new consumer protection bureau, kill a council that would tackle too-big-to-fail issues, and bulk up shareholder input on executive compensation—will likely emerge in the full Senate’s debate, where Democrats will try to beef up Dodd’s bill, introduced last week, and GOPers will fight an independent consumer agency and other expansions of government authority in the bill. At least one senator on the banking committee held out hope the bill could garner bipartisan support. “There is no choice other than a bipartisan compromise solution,” Sen. Evan Bayh (D-Ind.) told CNBC.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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