Posted on 06/28/2010 3:19:52 PM PDT by NormsRevenge
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-Wash.) and a handful of Senate Republicans.
Senate Democrats aim to pass the Wall Street overhaul bill this week, but the passing of Sen. Robert Byrd (D-W.Va.) has given them little room to negotiate votes. House and Senate lawmakers finalized the legislation in a conference process early Friday morning.
"As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis," Feingold said in a statement. "The conference committee's proposal fails that test and for that reason I will not vote to advance it."
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.
add this..
Byrd’s death puts financial reform efforts at risk
http://news.yahoo.com/s/ynews/20100628/pl_ynews/ynews_pl2884
Buh-Bye WallStreet Financial ReFoRm..
Watch the foreign markets and here tomorrow.
Don’t forget the popcorn. Salt Is OK too!
RINOs: selling you out one freedom at a time. :)
U.S. Senator Robert Byrd (D-WV) speaks in Washington, in this April 25, 2005 file photo. Byrd, who evolved from a segregationist to a civil rights advocate in becoming the longest serving member ever of the Congress, died on June 28, 2010, a spokesman for the West Virginia Democrat said. REUTERS/Kevin Lamarque/Files
Someone reading tea leaves on his reelection chances, or is it not enough of a power grab to suit him?
They will lay Senator Byrd in state in the Rotunda, and when they vote on this bill one of the Democrats will go out and shake his head yes to get this bill passed.
Hard to tell what kind of leaves from here.. could be locoweed too ;-)
I just don’t see a Wellstone moment developing anytime soon for Byrd.. and coming from the Dems and Obama who let no good crisis go to waste.. if true, this says quite a bit of things to come or not..
Any RINO who enables this bill in any way should be expelled from GOP. If not, then GOP brand means nothing! IMHO
Don’t worry, Healthcare will never pass the House. - Oct 2009
Don’t worry, Healthcare will never pass the Senate. - Dec 2009
Don’t worry, Healthcare will never pass. - Mar 2010
Don’t worry, this Wall Street Overhaul will never pass either. - June 2010
I cannot believe that the two NY senators are going to support this Bill, it is going to kill NYC.
The man upstairs has been good to America this year with ole Teddy and Sheets taking dirt naps!
Ever feeel like you’re waging a stalling action.. and you’re not only expendable, you’re expected to get expended.
The Founding Fathers did the best with what they could and wrestled a nation and republic out of their efforts and sacrifices. Sad we can’t say the same here other than be prepared to ‘expend’ if this regime is not sent packing in 2012. It was worth enough to our Founders.. WE owe them that at least.
Fascists support fascism. Not complicated.
Get to know Ron: Ron Johnson For Senate
Thanks for the link. Good Hunting!
Feingold is just voting no on this because he knows he is in jeopardy of losing his Senate seat against Ron Johnson this November. Feingold likes to tout the claim that he is a “Maverick”...hhmm where have I heard that before? Oh, yes, John McLame....
Feingold is just voting no on this because he knows he is in jeopardy of losing his Senate seat against Ron Johnson this November. Feingold likes to tout the claim that he is a “Maverick”...hhmm where have I heard that before? Oh, yes, John McLame....
Hedge Funds own the Senate. The public gets so screwed in the securities markets.
“As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis,”
Though I am glad to see any opposition to this massive federal power grab, Feingold is both correct (the bill will not prevent another “crisis”), and he is an idiot, because no regulatory regime alone, no matter how well thought out today, will PREVENT, another “crisis”, sometime, in some way, in the future.
Every major expansion of federal power over the economy has been hoisted on the slogan that it was/is intended to prevent another “crisis”; and as we all know, none of those past efforts ever did that.
What is the major error then? The major error is the Utopian promise that a regulatory regime can “prevent” all, or any, major financial “crisis”. They can’t.
What is needed is the mechanisms to make them smaller - by not promising ANY business or industry that the taxpayers will “rescue” it, and a small, tight, but dynamic regulatory regime that can make quick and needed adjustments when a crisis does occur.
The rest of the “recovery” rightfully belongs in the courts - bankruptcy, and in the markets; and the sooner the better. The more switftly more of the pain is resolved, for good or ill, the sooner the economy gets back to rebuilding. The longer the resolution of gains and losses goes on, because the politicians are trying to protect everyone who needs a haircut, the longer and more uncertain is the recovery.
And that’s the damage that all the “stimulus”, subsidies to consumers and businesses, and political maneuvering about “financial regulation’ has done to the economy now.
In fact, without any massive power grab in play, and the specter of all the added debt hanging over the future, more of the recovery than we have yet seen would have already resumed.
But, letting the crisis end sooner would not have been to Obama’s political advantage, or satisfied is “never let a crisis go to waste” agenda.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.