From ABC News

While spinmeisters from both sides will do their best after tomorrow’s results are in, it's a dicey business to draw broad conclusions from state and local off-year elections. The turnout's different and the issues and candidates are idiosyncratic, meaning conclusions need to be hedged. Nonetheless there are themes worth watching – economic discontent chief among them, given its customarily awesome political power.

But first things first: Is tomorrow's voting a referendum on Barack Obama?

Pre-election data suggest that notion's a tough sell. Consider for example a Washington Post poll last week, in which likely voters in the Virginia governor’s race divided essentially evenly on whether they were voting in part to express support for Obama (14 percent) or opposition to him (15 percent); the rest – and most by far, 70 percent – said he wasn’t a factor in their vote one way or the other…

From the Washington Post

Wall Street's top bankers were given a Feb. 1 deadline to submit proposals for how they plan to improve their pay practices, people with knowledge of the meeting said.

The meeting, convened by New York Fed President William C. Dudley, was brief -- no more than 30 minutes -- and to the point with Fed regulators making it clear that they are serious about enforcing the executive compensation guidelines they proposed late last month.

While the rules have yet to be finalized, Dudley told Goldman Sachs chief executive Lloyd Blankfein, J.P. Morgan Chase chief executive Jamie Dimon, Morgan Stanley chief executive John Mack and others that he wants the banks to begin incorporating the new practices as they set year-end bonuses in the coming months….

Fed officials urged the banks to do more to align pay with long-term performance, such as by awarding a significant portion of compensation in stock, sources familiar with the meetings said…

From the San Franciso Chronicle

Democratic leaders of a key Senate committee vowed Monday to forge ahead with climate change legislation despite a planned boycott by Republicans on the panel.

Sen. Barbara Boxer, D-Calif., said the Senate Environment and Public Works Committee she heads would begin working on the global warming bill today - with or without the Republicans.

"We look forward to working with them if they decide to participate," Boxer said. "But if they do not, we will move forward in accordance with the rules of the Senate and of this committee..."

In response late Monday, Boxer decided to bring EPA officials before the committee today to discuss the bill's economic effects. She also extended a deadline for Republicans to submit amendments, making it the close of business today...

Boxer said the legislation has already been subject to extensive review, including three days of hearings with testimony from 54 witnesses last week...

The Kerry-Boxer climate bill would impose steadily tightening limits on the emissions of carbon dioxide and other greenhouse gases blamed for global warming. Refiners, power plants, manufacturers and other polluters could comply with the new caps by cutting their emissions or buying and trading allowances to release the substances.

From the Washington Times

Vice President Joseph R. Biden Jr. said the New York special congressional election, which is roiling after the Republican nominee pulled out and endorsed the Democrat, will be a chance for voters to send a message that the Republican Party has become too extreme….

Mr. Biden, speaking at a rally here for Democrat Bill Owens, cited the withdrawal of Republican nominee Dede Scozzafava over the weekend as proof that the "most extreme wing" of the party won't tolerate dissent.

"I say to all those moderate Republicans ... join us, we welcome you," Mr. Biden said. "Join us in teaching a lesson to those absolutists."

…The state assemblywoman -- who has bucked the party on abortion, gay marriage, union "card check" legislation and the economic stimulus bill -- endorsed Mr. Owens on Sunday, while Republican leaders in Washington threw their support behind Mr. Hoffman. Her name sparked tremendous applause among Owens supporters gathered at the North Side Improvement League.

"We don't want to go back to the failed Bush economic agenda and ideological approach to governing," Mr. Owens said. "It's clear that my opponent has come to embrace the latter..."