Keeping score of roadblocks to reform.
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- Sen. Byrd passed away this morning.
- 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.