Happening right now.  No more amendments allowed!    As I said earlier today, a conference can only conform the bills, it cannot create new issues and language.    So no rate cap, no loan limitations.

Update:  final vote 59-39 (no, they didn’t need 60 once they got cloture, just a simple majority.)

Word is they could wrap up the bill tonight.   Then, of course, they will spend the next month or so negotiating with the House to conform the two versions.

From the story:

President Barack Obama will be able to sign Wall Street reform legislation by the Fourth of July, Rep. Barney Frank (D-Mass.) said Thursday.

Frank, the chairman of the House Financial Services Committee, who authored the financial reform bill that passed through the House, said he had “cleared [his] calendar for the month of June” in anticipation of finishing up the bill.

Reids says there are on a couple amendments that are germane post cloture, but he’d like to find a way to have some others offered.

They will be getting back to financial reform at around 2:00.  Cloture vote scheduled for 2:30.   Watch it all here.

Majority Leader Reid has the votes for cloture,

They are in recess until 12:00.  They are having a joint session in the House chamber to hear a speech from the President of Mexico.

Another cloture at 2:30.  Reid probably wouldn’t try this again if he didn’t expect it to pass.

Could be some votes ahead of cloture.  Shelby amendment is still in order (assessment on the biggest banks to pay for costs of CFPB).  That will get a vote either pre- or post-cloture.

There are very few amendments that are remaining that are pending and germane.  They include the Brownback auto dealer carve-out and a Merkley-Levin (Volcker Rule). 

If cloture is invoked at 2:30, the bill will likely wrap up tomorrow with a final passage vote.

From Time Magazine’s Swampland blog discussing yesterday’s Senate action: 

Crazy stuff.

From The Hill:

The Senate will vote Thursday on whether to end debate on the Wall Street overhaul bill, after a similar vote failed on Wednesday.