Reply #6: TPM on Dorgan's amendment to ban naked credit default swaps and its chances to get a vote

[flpoljunkie]

Dorgan wants to put an end to naked credit default swaps, by which investors speculate on the success or failure of separate financial entities in which they have no stake. Why did Dodd object? Republicans and Democrats want to offer dozens of amendments and, according to Dodd, if he lets every amendment get a hearing, the entire reform bill will be at risk.

"If we start this process, which i'm fearful will be the case, we run the risk of losing this bill," Dodd said on the floor. "No amendment, in my view, is more important than the underlying bill."

Dorgan, though, says he's been all but blocked out of the process, and that other senators have been given priority. He predicts he'll ultimately prevail.

How? Progressive Democrats could use their leverage. They could make their support for ending debate on the bill contingent on getting votes on their amendments. That's what Sen. Maria Cantwell (D-WA) said last week, when leadership tried to scotch a number of amendments aimed at shrinking, or breaking up, too big to fail firms. Dorgan says he'll make issue of this at a caucus meeting this afternoon. And he hinted on the floor today that he won't relent until he's given a fair shake.

"I will continue to come and ask consent to be able to offer this amendment," Dorgan said. "s Governor Schwarzenegger said in a previous life, I'll be back, and soon."

http://tpmdc.talkingpointsmemo.com/2010/05/progressives-buck-democratic-leaders-on-wall-street-reform.php?ref=fpa