Cloture failed
May 19, 2010 | federal legislation, industry | Comments (0)Only 57 votes. They needed 60. They really have 59. Majority Leader Reid’s vote NO is tactical to give him the option of calling for another vote. Senator Specter missed the vote. If Reid and Specter vote AYE, then they need one more vote for cloture.
What does this mean for the payday lending industry? I have no idea. Cloture would have limited amendments. How the failure of cloture is dealt with is up to the majority leader. He could scrap the bill (unlikely), twist arms and get cloture (likely), or make a deal with Republicans (I have no idea how likely that is.)
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