Financial regulatory reform
On Monday, the Senate holds a cloture vote on the motion to begin debate on the financial regulatory overhaul bill at 5:00 p.m. No Republicans have indicated they will support the cloture vote, though negotiations on compromise language continued over the weekend. At least one GOP vote is needed to clear this procedural hurdle. If the cloture vote is successful, debate on the regulatory reform bill will take up the remainder of the week. It is unclear what the Senate will consider this week should the cloture vote fail.
The Senate Homeland Security and Governmental Affairs Investigations Subcommittee will hold a hearing Tuesday on the role of investment banks in the financial crisis, with an array of top officials from Goldman Sachs testifying.
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Energy and climate
Sens. John Kerry (D-MA), Lindsey Graham (R-SC), and Joe Lieberman (I-CT) have cancelled the scheduled Monday unveiling of their comprehensive energy and climate legislation. Sen. Graham pulled out of negotiations on the energy bill after Majority Leader Harry Reid (D-NV) indicated that immigration legislation will be considered in the Senate before the Kerry-Graham-Lieberman package. Sens. Kerry and Lieberman still hope to re-engage Senator Graham on the issue in hopes that the legislation can be introduced this year.
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Defense acquisition reform
Later this week the House will also debate H.R. 5013, the Implementing Management for Performance and Related Reforms to Obtain Value in Every Acquisition, or IMPROVE Act. The bill will require the Department of Defense to strengthen accountability in the requirements process and financial management, and set clear objectives and standards for the defense acquisition system.
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