Official White House Photo by Pete Souza
–The Senate’s financial reform legislation will get another cloture vote this afternoon. Despite Wednesday’s 57-42 failure, it seems likely the bill will clear today’s procedural hurdle. Arlen Specter, who wasn’t back in Washington for yesterday’s vote, is expected to be present. Republican Scott Brown, who told Harry Reid he was on board before reversing course at the last minute, says he may vote yes. Democrat Maria Cantwell, who voted no because of a lingering issue with derivatives (Mike Konczal has a helpful explanation here), can likely be won over with a vote on her amendment. And Reid, who voted no so he could immediately bring up the motion to end debate again, will switch to yes as soon as he secures 59.
–Establishing capital requirements (mandating that a firm carry a specific ratio of assets to debt) might be the single most powerful weapon in financial regulatory reform’s arsenal. The House bill has it, Susan Collins’ recent amendment added it to the Senate legislation. The Fed, Treasury and financial sector want it out bad.
–A very smart take on the state of Tea Parties from Marc Ambinder.
–The Washington Post has a long piece on the not-so-under-the-radar struggle between Chuck Schumer and Dick Durbin to succeed Harry Reid as Majority Leader, and basically call it for Schumer.
— Another Vietnam misstatement from Richard Blumenthal in the Stamford Advocate. He’s been quick to correct reporters on other, rather minor issues.
–Less than 48 hours after Rand Paul’s Kentucky victory, his libertarian purism has rushed to the fore. Paul largely stuck to traditional Republican issues during his primary campaign, but yesterday’s focus on his opinions of the 1964 Civil Rights Act and Americans With Disabilities Act does him few favors with the broader electorate — he decries institutionalized racism in government, but supports private businesses’ rights to discriminate on any grounds. The issue was raised in an NPR interview yesterday, sparked by an ed-board interview he gave earlier this year. He went on MSNBC last night to discuss it and, whatever one might think of his opinions, it’s simply bad politics to stick up for segregation rights on national TV:
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It’s worth watching his comments in their entirety, but his philosophical nuance will offer little protection in an election season. This type of thing has always been the hazard of his candidacy.
–The White House condemns North Korea for torpedoing a South Korean Navy vessel.
–The Staten Island GOP has handed scandal-stained former congressman Vito Fossella the nomination to challenge Rep. Mike McMahon.
–And Bill Clinton prepares to go on tour for Blanche Lincoln.
What did I miss?