Given that the Democrats had a filibuster-proof majority in the Senate when they passed Health Care Reform, however, there was nothing the Republicans could do to stop the bill. But as conservative David Frum said earlier this week, the Republicans could have negotiated with the Democrats during their darkest hour--right after Scott Brown's victory in Massachusetts--and gotten at least half a loaf out of a bill that was probably going to pass anyway. If legislation is going to become law no matter what you do, why not get everything you can out of it, even if you are the minority party? The Rahm Emmanuels of the world would have jumped at the chance to push through a much smaller reform package if they could get Republican support. If the Republicans cared at all about policy (and--given that the issue seems to be becoming electoral winner for the Dems--politics), they could have stopped the CommieNazi legislation by replacing it with something so minuscule that even Tom Coburn could vote for.
Fortunately for the nation, the Republicans dropped the ball. Nancy Pelosi and the Democrats were able to push through comprehensive Health Care Reform.
Now the Senate is considering comprehensive Financial Services Reform. Hopeful that the Republicans would abandon their failed "Just Say No" approach to governing, Banking Committee Chair Chris Dodd reached out to Ranking Member Richard Shelby and then Senator Bob Corker in the hopes that they could work together to create a piece of legislation that would get the approval of both Democrats and a majority of Republicans.
The negotiations fell apart. For all their on-screen comity, Dodd and Shelby rarely see eye-to-eye. First-term Senator Corker, however, was eager to negotiate with Dodd, but he was unable to guarantee Dodd the votes of any other Republican members of Congress--a prerequisite for Dodd to give up key pieces of the legislation.
The Senate Banking Committee this week passed Dodd's Financial Reform bill on a 13-10 party-line vote. The bill will be hitting the Senate floor next week. And Bob Corker is sounding the alarm.
He isn't going on about socialism, tyranny, or liberty. He isn't warning the majority party that they are overreaching and will feel the wrath of the voters. For a change, he is warning the Republicans that they better get in line:
"I find it very difficult to see a scenario where financial regulation doesn't pass the Senate," Corker told reporters after a speech at the U.S. Chamber of Commerce.
"This is so unlike the health care debate," said Corker, noting that some of his Republican colleagues have made misjudgments on that point over the last month. "I don't think people realize that this is an issue that almost every American wants to see passed. There'll be a lot of pressure on every senator and every House member to pass financial regulation."
Corker is worried that if the 41 Senate Republicans hang together and vote against cloture, they will hear from their constituents who will not be happy to see their Representatives siding with Wall Street and the Bankers, against the Democrats and the folks of Main Street. According to Pew:
59% of voters felt Congress and the administration should support financial reform now, over other priorities.
This is the perfect time for the Dems to press their advantage. This is an issue where they have a clear opinion advantage. They are coming off a great victory in Health Care Reform. They can explain this issue in easy-to-understand language (ie: "The Bankers caused the financial crisis, now we need more regulation to keep them in line"). If the Republicans filibuster this reform package, the Dems should go on an all-out offensive and go to the mat for this bill.
And that's exactly what Corker is afraid of. He's worried that the Republican leadership doesn't see this coming. Chris Dodd said of the Republican leadership:
"They decided they wanted to say 'No' again," Dodd said. "So we went ahead ... If you don't even want to offer yours, I couldn't -- if anyone wanted to offer amendments, I would have been there. They made a decision not to. That was their call. Not mine. And listen, I understand why they wanted to do it."
But could Corker also be worried that this issue may lead to the death of the filibuster?
The top three Senators in the Democratic Leadership--Harry Reid, Dick Durbin, and Chuck Schumer--all favor filibuster reform. The odds are good that the first order of business in the 112th Congress will be to eliminate the filibuster. But Financial Services Reform could be to the Democrats was Bush's Judges were to the Republicans; it could be a great reason to bring out the "Nuclear Option" and threaten to do away with the filibuster for good.
I believe that is what Bob Corker is really afraid of. He's not afraid of damaging the Republican image--after all, it's nearly impossible for the Republicans in Congress to be seen is a worse light. Instead, he could be afraid of the Democrats pushing the advantage and taking away the Republicans' favorite procedural roadblock.
On the one hand, I would like to see Financial Services Reform pass without a problem. On the other, it would be nice to see all 41 Republicans filibuster such a popular piece of legislation and hand the Democrats the perfect excuse for nuking the filibuster once and for all.
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