WASHINGTON BUREAU — The Senate could vote on S. 3217, the Restoring American Financial Stability Act bill, as early as May 19.
Insurance industry lobbyists say they think Senate Majority Leader Harry Reid, D-Nev., may file a motion for cloture Thursday and schedule a vote Monday on limiting debate to 30 additional hours.
If members of the Senate approve a cloture motion Monday, then a vote could occur about 2 days later.
S. 3217, a bill developed under the oversight of Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking, Housing and Urban Affairs Committee, includes many provisions that could affect regulation of large insurers and marketing of insurance products.
The House already has approved a comparable bill, H.R. 4173, the Wall Street Reform and Consumer Protection Act.
Meanwhile, lawmakers continue to file S. 3217 amendments. Sens. Claire McCaskill, D-Mo., and Sen. Herbert Kohl, D-Wis., have introduced S.A. 3941, an amendment that would give the proposed Consumer Finance Protection Agency the authority to establish strict rules governing the sale of reverse mortgages and related insurance products by agents.