Brown a Yes on FinReg
Sen. Scott Brown (R-Mass.) said he would consider the financial regulatory reform bill over the July 4 Senate recess. He’s back, and he says he is a yes:
I’ve spent the past week reviewing the Wall Street reform bill. I appreciate the efforts to improve the bill, especially the removal of the $19 billion bank tax. As a result, it is a better bill than it was when this whole process started. While it isn’t perfect, I expect to support the bill when it comes up for a vote. 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. 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.
That moves the bill one away from 60, with Brown and Sen. Susan Collins (R-Maine) on board, but Sen. Russ Feingold (D-Wis.) a no and Sen. Robert Byrd’s (D-W.Va.) seat unfilled since his passing. Sen. Olympia Snowe (R-Maine) has said she might vote yes. Democrats are planning a major overhaul of Fannie and Freddie, due sometime next year.