There was widespread euphoria in the business community after Senator Specter stated that he would not vote for cloture on the Employee Free Choice Act Act at this time. But as I noted yesterday, the celebrations may be premature.

Senator Specter signaled a receptiveness to possible amendments to the National Labor Relations Act (“Act”) that purport to remedy what he perceives as defects in the current system. In fact, he’s detailed several of the changes he’d like to see. These include, among other things, “quickie elections” that would be conducted between 10-21 days of the filing of a union election petition, a form of “equal access” that would give unions access to employees on employer premises, enhanced penalties for unfair labor practices, and expedited bargaining schedules imposed by the NLRB. He also appears open to “last best offer” arbitration of contract terms.

Furthermore, Senator Specter didn’t rule out reconsidering EFCA if reforms to the Act aren’t implemented or if the economy improves.

The timing of Senator Specter’s remarks is interesting. When EFCA was reintroduced in both Houses two weeks ago, Senator Harkin repeatedly invoked “equal access,” as if to signal a possible compromise based on that concept. Almost contemporaneously, Representative Sestak (D, Pa.) introduced an alternative bill that featured equal access. Last weekend, compromise proposals were floated that incorporated some of the elements Sen. Specter would be willing to consider, including equal access. And SEIU president Andy Stern (possibly the most influential EFCA supporter) is quoted in the current issue of Business Week as understanding that EFCA might need to be changed to secure passage.

It’s doubtful this flurry of activity is mere coincidence. The EFCA campaign is about to proceed to another level. Employers should be prepared to address the implications of quickie elections, equal access, and limited-interest arbitration — the combination of which would amount to “EFCA Lite.”

The elimination of secret-ballot elections was the big drag on EFCA’s prospects for passage. Now that card check may be off the table, EFCA opponents have lost their most effective talking point. Consequently, wavering senators may now be more inclined to vote for the remaining provisions of EFCA, plus quickie-election/equal-access provisions that make union organization almost as easy as card check.

Senator Specter’s announcement merely concludes Round Two.