Senator Ben Nelson (D-Neb) broke party ranks to vote with 41 Republicans against cloture on the Dodd financial services reform bill. Unfortunately, this looks like a temporary setback. Stephen Spruiell opines that DC insiders expect the Democrats will be able to "peel off eight to ten Republicans and get a bipartisan vote for this bill."
Of particular relevance to readers of this blog, while Spruiell recognizes that the corporate governance provisions of the Dodd bill "would give organized labor too much power over management decisions," as this blog has warned in recent days, he doesn't "see moderate Republicans making them their hill to die on."
It's now up to Senators from places like Delaware and Nevada, where they (bar Harry Reid) understand the value of competitive federalism and the state role in corporate governance.
