Byron Dorgan

Despite Reservations, Most Progressives Vote For Wall Street Reform

Brian Beutler | May 20, 2010, 4:07PM

Sen. Byron Dorgan (D-ND)

Two Democrats--Sens. Russ Feingold (D-WI) and Maria Cantwell (D-WA)--once again joined the GOP in an attempt to filibuster Wall Street reform, on the grounds that the bill does too little to regulate big financial institutions. But the Democrat who most vocally threatened to block the bill--Sen. Byron Dorgan (D-ND)--ultimately chose not to, and in a way became the deciding vote. Democratic leaders needed 60 votes to break the filibuster, and without Dorgan they would have had only 59.

Why the change of heart? Dorgan cited two things when I asked him: his ability to force a vote on his flagship financial issue--banning naked credit default swaps--and the fact that, ultimately, he didn't want to stand in the way of a bill he thinks makes some, though not sufficient, progress.

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Blanche Lincoln

Down To The Wire: Democratic Leaders Scramble To Keep Financial Reform From Unraveling

Brian Beutler | May 19, 2010, 9:06AM

Sen. Chris Dodd (D-CT)

What had been a fairly non-contentious debate over Wall Street reform legislation nearly came off the rails on Tuesday after Republicans--tacitly backed (or at least unimpeded) by top Democrats--used Senate rules to block votes on far-reaching, consumer-friendly amendments, portending a potential progressive revolt.

This afternoon at 2 pm, Senate Majority Leader Harry Reid will attempt to bring debate on the financial reform bill to a close, though it remains unclear whether he has the 60 votes he'll need to prevail.

A big reason for that? A number of Democrats--most vocally, Sen. Byron Dorgan (D-ND)--have threatened to vote against ending debate until their flagship amendments get a vote on the floor. But Republicans are standing in the way, saying they'll filibuster those amendments, subjecting each to a 60 vote requirement, and, more importantly, several days' worth of delay. Faced with a choice between picking a fight with Republicans over those amendments and simply moving ahead with the bill, Democratic leadership has, for now, chosen the latter.

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Financial Reform

Dorgan 'Not Interested' In Voting For Too-Weak Financial Reform

Brian Beutler | May 18, 2010, 7:47PM

Sen. Byron Dorgan (D-ND)

The Senate just voted 56-38 to table Sen. Byron Dorgan's amendment to the Wall Street reform bill that would have banned trading in naked credit default swaps, essentially eliminating a huge gambling market, wherein speculators bet on the success or failure of entities in which they have no financial interest.

That may complicate matters for Democratic leaders, who quite possibly just lost Dorgan's vote.

"I'm not very interested in moving a bill that doesn't address the central issue that I want to address," Dorgan told me a few minutes before his amendment was tabled. "But we'll see. We'll work tonight and see what happens."

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Financial Reform

Democrats Press Swift End To Fight Over Wall Street Reform

Brian Beutler | May 18, 2010, 10:01AM

Senators Mitch McConnell (R-KY) and Harry Reid (D-NV)

Democrats and Republicans may once again be poised for a head-to-head collision over Wall Street reform.

Senate Majority Leader Harry Reid started the clock yesterday, and it is now ticking down toward a key Wednesday test vote, where Democrats will learn whether or not they have assuaged (or intimidated) enough Republicans to break a filibuster.

Leadership wants every Democrat, and at least one Republican on board, but at this late hour it's not clear they have either. Feeling burned by leadership, and dubious that the legislation reaches far enough to truly rein in excess on Wall Street, Sen. Byron Dorgan (D-ND) has threatened to join the filibuster, unless his amendment that would ban trading in naked credit default swaps gets a vote on the floor. Discussions between Dorgan and other leaders continues, but thus they remain at an impasse.

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Financial Reform

Durbin Says Dorgan Financial Reform Threat A Concern For Dems

Christina Bellantoni | May 17, 2010, 4:40PM

Sen. Dick Durbin (D-IL)

Is Senate leadership worried about Sen. Byron Dorgan's filibuster threat tanking financial reform? "You bet," Sen. Dick Durbin told me today at a briefing with reporters.

"We need 60 votes. I'm going to make sure we get every Democrat on the bill," Durbin (D-IL) said when I asked him about Dorgan's concerns.

Durbin said he doesn't know if Dorgan (D-ND) has reached an agreement with Banking Committee Chairman Chris Dodd (D-CT) and both of those Senate offices have been tight-lipped today as Senate moves toward final passage of the bill. During the briefing, Durbin and Sen. Sheldon Whitehouse (D-RI) discussed an amendment likely to get a vote in the next few days allowing individual state regulation of credit card companies.

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Financial Reform

Reid Sets Up Big Wednesday Vote On Financial Reform

Christina Bellantoni | May 17, 2010, 3:02PM

Senate Majority Leader Harry Reid (D-NV)

As two of their colleagues battle for their political careers, Senate Democrats tonight are pushing forward on financial reform in hopes of finishing up a bill this month. Senate Majority Leader Harry Reid is going to file for cloture tonight, setting up the final stages of the process to begin after a vote on Wednesday.

But Reid is still facing the threat of a filibuster from retiring Sen. Byron Dorgan, who hasn't tipped his hand yet today on whether the Democrats have convinced him to vote for moving ahead with the bill. An aide told me that Dorgan (D-ND) expects to get a vote on his amendment dealing with credit default swaps but would not say if anything has changed since he told leadership he would block the bill from a final vote last week.

Reid (D-NV) said on the Senate floor this afternoon he's aiming for a final vote by the end of the week, perhaps as early as Thursday. "This cannot be delayed any longer," Reid warned Republicans, who are aiming to prolong every floor battle in hopes of gaining traction during this fall's midterm elections.

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Financial Reform

Spurned By Dem Leadership, Dorgan Threatens Filibuster On Wall Street Reform

Brian Beutler | May 13, 2010, 7:54PM

Sen. Byron Dorgan (D-ND)

What started as a minor skirmish among Democrats over Wall Street reform could turn into a big problem, if party leaders stand in Byron Dorgan's way. And with Senate Majority Leader Harry Reid hoping to draw debate to a close by Wednesday next week, they don't have much time to act.

On the Senate floor this evening, the North Dakota Democrat told Harry Reid and Chris Dodd he'd try to block financial reform legislation from coming to a vote unless they give one of his amendments a fair hearing. "I just told the leader and the committee chairman that I wouldn't be voting for cloture--I'd be voting against cloture--unless my amendment is considered," a frustrated Dorgan told me and one other reporter on his way out of the chamber.

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Financial Reform

Progressives Buck Democratic Leaders On Wall Street Reform

Brian Beutler | May 13, 2010, 12:33PM

Sen. Byron Dorgan (D-ND)

The Wall Street reform bill has no doubt drifted leftward in the past several days. But that doesn't mean all Senate liberals are happy. Several progressive and populist senators think the bill's broad approach does not call for the fundamental reforms Wall Street needs. They've been pushing far-reaching amendments that would shrink major financial companies, and further limit high-risk trading and though their efforts likely do not have enough votes to pass, they at the very least want to get a fair hearing. And they're banding together to make sure they get one.

"[Democrats] will insist on having the opportunity to have the key amendments offered and debated and voted on," Sen. Byron Dorgan (D-ND) told me this morning.

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Byron Dorgan

Dorgan Criticizes Dems' Financial Reform Bill: 'Shame On Us' (VIDEO)

Jillian Rayfield | May 12, 2010, 5:53PM

Sen. Byron Dorgan (D-ND)

On the Senate floor today, Sen. Byron Dorgan (D-ND) reproached his own party for its financial reform bill, saying that if they don't strengthen "too big to fail" provisions and better regulate credit default swaps, particularly by banning a huge class of them, "then shame on us. We have a responsibility here."

He added that if Democrats don't fix these problems, "we cannot claim ever that we have done something about this system."

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