As expected, Senate Majority Leader Harry Reid [D, NV]has filed for cloture on the financial reform bill, setting up the possibility of a Wednesday vote on ending the debate and forcing an up-or-down vote on passage.
For financial reform advocates, this is mixed news. On the one hand, the bill that Reid is filing cloture on is stronger than what anyone had really expected the Senate to produce. Blanche Lincoln's tough derivatives language is still mostly in tact, strengthening amendments regarding debit fees, ratings agencies and auditing the Fed have been adopted, and every attempt to weaken the bill so far has been beaten back.
Reid and Senate Banking Committee Chairman/financial reform floor manager Sen. Chris Dodd [D, CT] are trying to quit while they are ahead.