Politics 2000

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I hope you’re enjoying your Rosh Hashanah. Best wishes to you and yours on this holiday. The U.S. Senate is supposed to vote Wednesday night on its version on the financial services bill. Senate Democrats knew from the start they’d need bipartisan support to avoid a Republican filibuster so the bill is likely to pass their chamber.

The theory goes that the House will face more pressure to act since the upper body has passed something. I doubt that’ll overcome the heavy volume of phone calls House members are getting in opposition to the bill. Even if the House passes a bill, it likely won’t be identical to the Senate version. Therefore, a conference committee–comprised of three House and three Senate members–will convene to negotiate a bill that both chambers must accept or reject as is.

In other words, Wall Street and Main Street shouldn’t expect any assistance just yet.

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