Brown ‘Likes What He Sees’ on FinReg
Speaking on a Massachusetts local television news broadcast, Sen. Scott Brown (R-Mass.) indicated that he’s leaning towards voting yes on financial regulatory reform. “I’m going to be making a decision soon, but I’m liking what I see,” Brown said.
Brown forced a reopening of the conference committee to make last-minute changes to the bill — taking the cost of implementation away from big banks and hedge funds, and charging it to the Treasury’s Troubled Asset Relief Plan and all FDIC-insured banks. He annoyed Democrats, to say the least, by then declining to sign on. The Senate intended to move the bill before the July 4 recess, but Brown’s maneuver pushed the vote until mid-July.
Speaking with the local station, Brown defended the dropping of the $19 billion tax, saying banks would pass the costs on to consumers: “It’s money that’s already in the system. If people think that the banks are just going to write a check for $19 billion, they’re wrong. They’re going to pass it off to the checking account, and the ATM users, and the people getting loans.”
“Bipartisanship, by the way, is a two-way street. While I voted about 30 percent of the time with the Democrats now, not one Democrat has voted with me,” Brown said. He also indicated he would not vote for deficit-funded unemployment benefits extensions.