Republican lawmakers Scott Brown and Olympia Snowe jumped on board to give Dems the votes they needed to pass a sweeping financial reform law. Susan Collins had previously committed to supporting the bill.
And one has to wonder, after reading what’s in the legislation…why are Republicans opposing this?
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.
So how did the Dems get Brown’s support? Well…
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.
Hey, if that’s what it will take to get reforms in place and finally be able to look into the black box that is the derivatives market, so be it.
Still, this really should have been a bipartisan bill. After those taxes were taken off the table, no good reasons remained for not supporting this legislation. So those Republicans are now going to have to answer questions in the fall about why they aren’t supporting anything that is attempting to fix the system they created that broke everything. Good luck with that.
More as it develops…