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The dialogue was established in 1965, and is currently sponsored by the U.S. bishops’ Committee for Ecumenical and Interreligious Affairs, the Reformed Church in America, the Christian Reformed Church, the Presbyterian Church USA, and the United Church of Christ. The Evangelical Lutheran Church in America sends an observer...

Sheesh. That reads like a "who's who" list of heretical and apostate denominations. So the US Conference of Catholic Bishops is going to "recognize a common baptism" with these clowns? That says far more about the Catholics, than it does of Reformed Protestants....

I'd bet good money that the conservative denominations were invited, but refused to accept.

Actually, though, we already recognized the validity of the baptisms of anyone who baptizes in the name of the Trinity.

Are the US Bishops doing this? The US Bishops have zero authority over this, and if they allow it you can bet that the Congregation on the Doctrine of the Faith will eventually have to deal with this issue. The Congregation has already clearly identified the qualifications for a valid baptism as being:

I. Matter -the baptism must be done with water

II. Form - the baptism must use a formula invoking the
trinity. (Something like "I baptize you in the name of
the Father, and the Son, and the Holy Spirit.")

III. Disposition of the Recipient- The recipient must be
have the intention willingly receive what the Catholic
Church intends the Sacrament to impart. (If I remember correctly the recipient must also accept the Trinity for the baptism to be valid)

IV. Intention of the minister-must be what the church
intends (which would include remission of sins, and
uniting the recipient with Christ etc.)