Here at PB.com, we are agnostic on the merits of 99% of the stuff that is in the Financial Regulation bill. But, as regular readers know, we are dead set against the corporate governance provisions. Today, Ezra Klein reports that passage is now in doubt:
FinReg doesn't have Robert Byrd's or Russ Feingold's votes, and Susan Collins, Olympia Snowe, Scott Brown, and even Evan Bayh are now on the fence, report Victoria McGrane and Corey Boles: "'You have to look at the entirety of the legislation,' [Snowe] said. 'Obviously, it's important to have financial regulatory reform.' Sen. Scott Brown (R., Mass.), who voted yes when the Senate passed its bill in May, reiterated his reservations about the final product because of the fee. 'I've said repeatedly that I cannot support any bill that raises taxes.' Sen. Susan Collins of Maine, calling herself undecided, said there was 'much in this bill to like' but like Mr. Brown, she voiced concern about the fee 'slipped in during the late hours.'"
Remember: Conference reports can be filibustered, but they can't be amended. Short of going back to conference and coming out with a new report, the legislation can't, at this point, be tweaked and changed to pick up the final votes.
On the merits, I'd be pleased if the bill failed. OTOH, I'm working on both a law review article and a book that assumed the bill would pass. It's failure would be a major glitch in my writing plans. So I'm feeling very conflicted.
