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Dems Have 60 Votes For ‘Finance Reform’

From the ecstatic fools folks at The Hill:

Dems hit 60 on Wall Street bill

By J. Taylor Rushing and Eric Zimmermann – 07/12/10

Democrats appeared on Monday to have won the 60 votes they need to move Wall Street reform through the Senate when Republican Sens. Olympia Snowe (Maine) and Scott Brown (Mass.) announced their support for a conference report.

Democrats already had commitments from 57 of their members, and Maine Republican Sen. Susan Collins had said before the July 4 recess that she was inclined to vote for the conference report…

The 2,315-page conference report is the second major legislative overhaul, after healthcare reform, that has been approved by the Democratic Congress.

And it is the second major 2,000 plus piece of legislation that none of the Congressmen have read, let alone managed to comprehend. But what harm could there be in that?

The legislation aims to prevent future taxpayer-funded bailouts; would boost regulation over credit cards, mortgages and other products; regulate the $600 trillion derivatives market; and increase oversight of broad financial system risks, among other measures.

All of which could be easily contained on two sheets of paper, if that was all the bill is about. But, instead, it is really about taking control of our financial markets. And that requires a lot of pages of obfuscation.

Snowe described the legislation as an aggressive overhaul of the regulatory system that would help ensure the country avoids another financial catastrophe. She said she decided to support the legislation after a thorough review, and noted that the final bill preserved several amendments she had offered to preserve small businesses’ access to capital.

Would Ms. Snowe agree to answer a few brief questions about her understanding of the specifics of the legislation? If not, why not?

“While not perfect, the legislation takes necessary steps to implement meaningful regulatory reforms, create strong consumer protections and restore confidence in the American financial system,” Snowe said.

And never mind that this bill does not even address Fannie Mae or Freddie Mac or the ‘Community Reinvestment Act.’ – You know, the things that actually caused the recent collapse of the financial system.

Brown, the Massachusetts Republican who succeeded Sen. Edward Kennedy (D-Mass.) in January, declared his support for the bill after Democrats removed a provision he had opposed in the conference report that would have levied $19 billion in taxes on financial firms

Scott Brown is Evian spelled backwards. Once the government has all of this power over the financial markets, jacking up taxes on them will be child’s play.

The only Democrat expected to vote against the bill is Sen. Russ Feingold (Wis.). Sen. Maria Cantwell (D-Wash.) voted against the Senate version of the legislation but has said she will support the conference report.

Sen. Ben Nelson (D-Neb.) is still undecided, but leaders said they are expecting his vote…

We hope at least the people who try to make a living in what’s left of the financial sector remember these votes in November. Especially, the votes of the purported representatives from New York.

Still, what a fitting tribute this legislation is to the departing Chris Dodd. It’s just as much ‘financial reform’ as he was an ‘honest Senator.’

This article was posted by Steve on Tuesday, July 13th, 2010. Comments are currently closed.

3 Responses to “Dems Have 60 Votes For ‘Finance Reform’”

  1. Melly says:

    Snowe should just pull a Spector and become a Dem and Brown is a major disappointment.
    He looks like he wants to run for President in 2012.
    I think that staple in the middle of his centerfold layout is sticking a little too deep – cutting off circulation to his brain.

  2. Rusty Shackleford says:

    BOHICA

  3. fallingpianos says:

    How does this lawless bunch plan to enforce thousands and thousands of pages of meaningless, contradictory gobbledygook? How will they know when someone’s violating these laws when they haven’t even read the legislation?


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