Thursday, July 15, 2010

Senate Passes Wall Street Reform With 3 Republicans Minus 1 Democrat

Congress finalized sweeping financial overhaul legislation on Thursday, handing President Obama a major legislative victory heading into the midterm elections.

The Senate voted 60-39 to approve the 2,315-page bill after cutting off debate on the measure. The House already passed the measure.
Republican Sens. Susan Collins (Maine), Olympia Snowe (Maine) and Scott Brown (Mass.) joined all but one Democrat in support of the legislation. Sen. Russ Feingold (Wis.) was the lone Democrat opposed to the measure, which he said was not tough enough on the industry. The Senate earlier Thursday approved 60-38 a procedural motion to end debate on the legislation. The Hill
Funny, John Boehner is already talking about repealing the bill:
House Minority Leader John Boehner (R-Ohio) on Thursday said the new regulations should be repealed.

“I think it ought to be repealed,” Boehner said at his weekly press conference. ”There are commonsense things that you should do to plug the holes in the regulatory system that were there, and to bring more transparency to financial transactions, because transparency is like sunlight. Sunlight is the best disinfectant.”