Chairman Barney Frank and Speaker Nancy Pelosi have done it: Last night, the financial-reform overhaul passed the House of Representatives 237 to 192. Three Republicans crossed party lines to join the Democrats, while a handful of conservative Democrats did the reverse. The numbers make it seem like an overwhelming vote, but it actually only represents the support of 55 percent of House members.
Which is why you won't be surprised to know that the Senate vote-hunt still continues, and the bill's final passage will be delayed until after the July Fourth "Work Period," when members go back to their home states to hobnob and glad-hand. Majority Leader Harry Reid will be working hard to corral his votes after this week's re-conference, which adjusted the bill's tax provisions to suit moderate Republicans whom Democrats need to join them for the bill to pass. Democrats are also waiting for the arrival of the late Sen. Robert Byrd's appointed replacement.
Nonetheless, it appears likely that Reid can pull off 60 votes to get the bill over the line, even if circumstances intervened to prevent Congress from meeting their self-imposed July 4 deadline. Should he succeed, it'll be an effective reminder of just how much more work Senate leaders have to do than their House counterparts to achieve the same ends. That's no slight at the effective and smart Pelosi, but a recognition that the rules in the upper chamber significantly distort the proceedings. Financial reform, ahoy.
In the meantime, read Chris Bowers' excellent guide to what's in the bill and what isn't. I know we've been doing a lot of financial reform process stuff lately -- and seriously, if there's something that's more exciting than financial regulation, it's congressional procedure -- but expect more discussion of what's actually in the bill now that it is unlikely to change before it does (or doesn't) pass. If you're interested in specific areas, let me know in the comments or the tweets.
-- Tim Fernholz
