Reid Starts Clock on Financial Reform

Posted April 22, 2010 at 1:53pm

Senate Majority Leader Harry Reid (D-Nev.) filed a procedural motion Thursday afternoon on sweeping financial regulatory reform legislation, setting up a Monday evening vote to proceed to the measure.

Just before Reid filed the motion, Minority Leader Mitch McConnell (R-Ky.) made another plea to allow more time for bipartisan negotiators to work on an agreement. “The Majority Leader is once again moving to a bill even while bipartisan discussions on the content of the bill are still under way,” McConnell said.

Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) and ranking member Richard Shelby (R-Ala.) are continually meeting to reach an agreement. Reid warned earlier Thursday that the Senate would move on the issue with or without a bipartisan proposal from Dodd and Shelby. Reid has scheduled a procedural vote for 5:15 p.m. Monday.

“We’re going to move forward on this piece of legislation because the American people demand it,” Reid said.

“I’m not asking everybody to approve the bill as written. I’m asking we move to the bill,” he added.