Sen. Scott Brown will support financial reform

[Ian David]

Posted by Matt Viser, reporter July 12, 2010 12:23 PM
By Matt Viser, Globe Staff

<snip>

"While it isn't perfect, I expect to support the bill when it comes up for a vote," the Massachusetts Republican said this afternoon in a statement. "It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes."

"That doesn't mean our work is done," he added "Further reforms are still needed to address the government’s role in the financial crisis, including significant changes to the way Fannie Mae and Freddie Mac operate.”

Brown has been a key swing vote in giving Senate Democrats the votes they need to pass a final bill. He had supported the Senate version of the bill, but he had reservations over the final proposal, which had reconciled House and Senate versions of the bill.

Several changes had been made to win Brown’s vote, including provisions that will allow State Street Corp. and other large banks to continue investing a portion of their money in securities markets. When Brown later said he opposed a $19 billion tax on large financial institutions that would help pay for the bill, the tax was scrapped.

More:
http://www.boston.com/news/politics/politicalintelligence/2010/07/brown_will_supp.html

[Scurrilous]

1. Good news.

:thumbsup:

[NewJeffCT]

2. I think we still need 1 or 2 more to break the filibuster, no?

Ben Nelson? One of the senators from ME?

[karynnj]

6. Both Maine Senators

(to make up for Nelson and the fact that WV is missing a Senator.)

[asdjrocky]

3. Of course he will.

It's not real finical reform.

[SoCalDem]

5. and he knows he has to run again, so he may even be thinking about

becoming a "moderate" independent and hopefully staying in office..

[aquart]

9. The rule in MY family is you do as much as you can when you have the strength

for yourself and for others, because the time will come when you have not the strength and others will have to do it for you.

Which I did. And now that I can't, it's up to the rest of you jackasses to get it done. Which you didn't, I see. And trying to put the blame on ME for it, too. Good luck with that.

[SoCalDem]

10. huh?

you talkin' to me? :shrug:
http://www.brisbanetimes.com.au/ffximage/2008/10/03/taxidriver_wideweb__470x342,0.jpg

[aquart]

4. So what, exactly, is left of this bill?

And thanks so much, Massachusetts.

[Ian David]

7. And when the Special Election was the only election going on in the country...

... while I was out working for Coakley, and begging everyone on Twitter and on DU for help, what did YOU do?

[Scurrilous]

8. Obama gets closer to signing Wall Street regulation bill

<snip>

"White House officials are now more optimistic than ever that President Obama will soon be signing a major overhaul of financial firm regulations, thanks to Sen. Scott Brown, R-Mass.

Brown said today he likes the way the Wall Street bill has changed and he will therefore withdraw support for a Senate Republican filibuster that had blocked the bill before the Fourth of July congressional recess.

"Obviously, they're making good progress on that," said White House spokesman Robert Gibbs, citing Brown's new backing.

Obama will likely trumpet a new financial regulation bill -- the biggest overhaul of the system since the Great Depression -- as one of his major first-term accomplishments, along with health care and the stimulus plan."

http://content.usatoday.com/communities/theoval/post/2010/07/obama-gets-closer-to-signing-wall-street-regulation-bill/1