From today’s Politico:
An all-night House-Senate conference committee delivered President Barack Obama and Democrats a far-reaching and historic achievement Friday – a realignment of the rules that govern Wall Street and a second victory toward Obama’s legislative triple crown.
The compromise bill now goes to the House and Senate for approval. For all the messiness of the process, financial reform and March’s health care reform win cumulatively make clear Obama and Democrats are governing in consequential ways – and once again Friday, without a single Republican vote. The results make clear the argument over Obama is no longer whether he’s effective or not, but whether voters will like the results.
The agreement came at 5:39 a.m., after 20 straight hours of work in the committee, a marathon session that tested the negotiating skills, patience and endurance of several dozen lawmakers tasked with reconciling two competing approaches to reining in Wall Street.
But it left no doubt about the mark Obama has left on his twin Democratic majorities in Congress – reluctant, even recalcitrant at times, but in the end, doing his bidding to remake two of the most important sectors of the U.S. economy.
His hoped-for third act – a wide-ranging climate change and energy bill – is next on Obama’s docket, and absent these successes, it would be easy to believe there was simply no way he could bend Congress to his will yet again, with midterms looming, poll numbers sagging and the nation’s financial coffers tapped out.
But Obama plans to press his advantage – to try to salvage one more legislative win out of the depths of the BP oil spill tragedy. He’s invited what amounts to the bipartisan Senate climate caucus to the White House Tuesday to plot out a way ahead.
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