Harry Reid Plans Second Wall Street Reform Vote For Tuesday

Senate Majority Leader Harry Reid (D-Nev.) is proceeding quickly with a second vote on Wall Street reform legislation, bringing a bill to the floor of the Senate less than 24 hours after it was filibustered.

A leadership aide tells the Huffington Post that a second cloture vote on a motion to proceed on regulatory reform is now set for 4:30 p.m. Tuesday.

There is "no sense if the dynamics are any different" than on Monday, the aide relayed. "This is about keeping the pressure on [Republicans.]"

On Monday evening, a united Republican Congress, with the help of Sen. Ben Nelson (D-Neb.) held up debate on regulatory reform legislation by a 41-57 vote. In the aftermath, aides to Reid promised to make obstructionism as uncomfortable as possible for the GOP. In a rare move, the Majority Leader put forward a motion to compel Senators to come to the floor for a quorum call. Reid, in addition, filed another cloture motion, giving the party a window of two days to re-consider the bill.

The decision was made last night to bring the legislation to the floor again on Tuesday, even though negotiations have not progressed much, if any.

Asked if the caucus was considering re-inserting a provision favored by Nelson -- which would give derivative contract holders such as Nebraska native and business tycoon Warren Buffet reprieve from backing those contracts up with capital -- the aide said it wasn't likely to be broached.

"I don't think there is much of an appetite for Cornhusker kickback part two," the aide said.

UPDATE: In a sign that talks between the parties haven't fully stalled, Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Ranking Member Richard Shelby (R-Al.) met on Tuesday morning for more regulatory reform discussions.