Sen. Russ Feingold Announces Intent To Vote 'No' On Wall Street Reform -- Passage Now Unlikely

Keeping score of roadblocks to reform.

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• Sen. Byrd passed away this morning.

• Sen. Scott Brown says he will vote 'no'.

• Sen. Susan Collins now has reservations about voting 'yes' due to $18 billion in new taxes added late.  This is essentially the same complaint that Scott Brown is making.

• Sen. Russ Feingold announced his 'no' vote tonight to Reuters.

• "My test for the financial regulatory reform bill is whether it will prevent another crisis," Feingold said in a prepared statement. The bill "fails that test and for that reason I will not vote to advance it."

• (Reuters) - Senator Russell Feingold said on Monday that he will not vote to advance the financial-reform bill, denying his fellow Democrats the 60th vote they need to clear a final hurdle in Congress.

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It's dead.  Chris Dodd is badly in need of a few other Republican votes, and that's not going to happen.  Some will say this is a positive development, because the bill is admittedly flawed and lacking substance in some areas, but I disagree.  Reform requires small steps occasionally, and it would be a blow to taxpayers to see nothing accomplished after months of work.

Look for a monster rally Tuesday in financial stocks. 

Comments

[DailyBail]

"My test for the financial regulatory reform bill is whether it will prevent another crisis," Feingold said in a prepared statement. The bill "fails that test and for that reason I will not vote to advance it."

http://www.reuters.com/article/idUSTRE65R5SI20100628

[DailyBail]

The Fed Has Lost It; Publishes Essay Bashing Bloggers, Tells General Public To Broadly Ignore Those Without An Econ PhD

http://www.zerohedge.com/article/fed-has-lost-it-publishes-essay-bashing-bloggers-tells-general-public-broadly-ignore-those-w

[DailyBail]

http://online.wsj.com/article/SB10001424052748703615104575328993006115992.html?mod=WSJ_newsreel_opinion

Triumph of the Regulators

The Dodd-Frank financial reform bill doubles down on the same system that failed.

[DailyBail]

When Massachusetts Republican Scott Brown addressed supporters after his upset victory in January, he declared there would be “no more closed-door meetings or back-room deals by an out-of-touch party leadership.”

Some would argue that’s exactly what he just did in the final push on Wall Street reform.

After private talks with Treasury Secretary Timothy Geithner, Senate Banking Committee Chairman Chris Dodd and other top Democrats, Brown scored a series of exemptions from the “Volcker rule” — which would bar certain forms of proprietary trading — a provision pushed by big Massachusetts banks and financial firms, including State Street Corp. and Mass Mutual.

http://www.politico.com/news/stories/0610/39083.html

[DailyBail]

As the final Wall Street negotiations came to a close last week, the Obama administration quietly sided with Sen. Scott Brown (R-MA) against most Democrats in support of a loophole in one of the key provisions of the financial reform bill.

Several Democratic Hill aides tell TPMDC that the Treasury Department, which wielded tremendous influence over the shape of the legislation, changed its position on the Volcker rule during the final deliberations, endorsing an exemption that will allow banks to invest in outside hedge funds.

http://tpmdc.talkingpointsmemo.com/2010/06/obama-administration-sided-with-brown-o.php?ref=dcblt

[S. Gompers]

"The Fed Has Lost It; Publishes Essay Bashing Bloggers, Tells General Public To Broadly Ignore Those Without An Econ PhD"



Kartik Athreya is a cake eater who honestly believes that destroying 98% of the dollar's purchasing power in 97 years is called progress.

[DailyBail]

yes gomp...that was my favorite line as well...

[DailyBail]

What Ever Happens With Financial Reform, Obama Got Seriously PLAYED By Scott Brown

http://news.firedoglake.com/2010/06/28/obama-wh-catered-to-scott-brown-on-finreg-now-he-opposes-the-bill/

[DailyBail]

http://www.marketwatch.com/story/sen-brown-to-switch-to-no-vote-on-banking-bill-2010-06-29

Sen. Brown to switch to 'no' vote on banking bill