UPDATE: The Hill reports that Scott Brown (R-MA) will vote against the bill due to the $19 billion of fees (taxes) on financial firms.
The Hill is reporting some interesting developments regarding the financial market takeover regulation reform bill:
Sen. Russ Feingold (D-Wis.) said Monday he would vote against advancing Wall Street overhaul legislation.
The move raises pressure on Senate Democrats to win the votes of Sen. Maria Cantwell (D-WA) and a handful of Senate Republicans.
Feingold and Cantwell voted against ending debate on the bill in May and against the overall bill. Democrats were able to advance the legislation with the help of Republican Sens. Scott Brown (Mass.), Olympia Snowe (Maine) and Susan Collins (Maine).
Brown has expressed disappointment at the final bill that passed through the conference committee. If he votes against the legislation in the Senate, Democrats will need to hold the rest of the votes they had in May and swing either Cantwell or another Republican to advance the bill.
Collins is reviewing the legislation, according to her office, and has not firmly committed to back the bill.
Sen. Chuck Grassley (R-Iowa) voted for the underlying legislation in May, but voted against cutting off debate.
This piece of legislation is nothing more than a takeover of the regulation of the financial market–more centralization–all under the masquerade (gosh, I use that term alot) of actually regulating the banking/Wall Street/financial industries as their punishment for profits and greed.
However, Senator Richard Shelby (R-AL) has another take, which appears to be the most logical premise regarding this bill:
“This is the exact same model that led us to the crisis in the first place, except for one distinct difference. The government bailout is built in from the beginning through the use of taxpayer guarantees.
“Mr. President, the American people are being misled.
“The authors of this bill are telling them that this legislation has been drafted to address the recent financial crisis and that it will ‘tame’ Wall Street. I am afraid that they are going to be disappointed.
“By the Democrats’ own admission, the most important facet of this legislation is the creation of a massive new consumer bureaucracy. It has been described by my Democrat friends as the ‘third rail’ of this bill.
“During our negotiations on the consumer bureaucracy, my Democrat friends were not focused on the mortgage market. Their sights were set on the rest of the economy.
“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.
We already know what happens when members of this Democrat-led Congress say they are against a bill. Let the bribes begin–Obama and his Democrats always need to get their way–because, you know, it’s the right thing to do.
Stay tuned because we are watching; you can take that to the bank.
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