bobbyw24
06-28-2010, 12:25 PM
37 mins ago
Democrats hammered out the final details of financial reform legislation Friday with the hope of landing the president’s signature on the bill before the July 4 recess — but the death of longtime Sen. Robert Byrd (D-W.Va.) throws that plan into jeopardy.
Byrd, who died Monday at age 92, was a certain vote for the legislation, which aims to reform the financial industry and prevent future collapse. Byrd's death leaves the Senate with 56 Democrats, two independents who caucus with the Democrats, and 41 Republicans. Democrats need 60 votes to overcome Republican filibusters in the Senate.
The financial reform bill passed in the Senate 59 to 39 in May, with four Republicans in favor of it: Scott Brown of Massachusetts; Olympia Snowe and Susan Collins, both of Maine; and Charles Grassley of Iowa. Democratic Sens. Maria Cantwell of Washington and Russ Feingold of Wisconsin voted against the legislation because they want stronger reforms.
Brown put the bill's future on shaky ground Friday when he released a statement that he is unhappy with assessments and fees added to the bill — totaling $18 billion, by his estimate.
If Democrats can convince Cantwell and Feingold to support the legislation this go-around, the party is expected to have 58 votes for the bill and would need only two Republicans to side with them. If they can't get one or both Democrats, they'll need three or four Republicans.
That's unless a successor to Byrd can be installed this week. West Virginia Gov. Joe Manchin, a Democrat, holds the authority to appoint an interim replacement for Byrd, but Manchin told news outlets Monday that there is no timetable for the appointment. Byrd's death, then, puts in doubt Democrats' plan to have financial reform legislation signed into law before they all head home for the July 4 recess.
The Wall Street Journal reported Monday that Senate Majority Leader Harry Reid's office has indicated that a Senate vote won't be scheduled until the House has voted on the legislation.
http://news.yahoo.com/s/ynews/20100628/pl_ynews/ynews_pl2884
Democrats hammered out the final details of financial reform legislation Friday with the hope of landing the president’s signature on the bill before the July 4 recess — but the death of longtime Sen. Robert Byrd (D-W.Va.) throws that plan into jeopardy.
Byrd, who died Monday at age 92, was a certain vote for the legislation, which aims to reform the financial industry and prevent future collapse. Byrd's death leaves the Senate with 56 Democrats, two independents who caucus with the Democrats, and 41 Republicans. Democrats need 60 votes to overcome Republican filibusters in the Senate.
The financial reform bill passed in the Senate 59 to 39 in May, with four Republicans in favor of it: Scott Brown of Massachusetts; Olympia Snowe and Susan Collins, both of Maine; and Charles Grassley of Iowa. Democratic Sens. Maria Cantwell of Washington and Russ Feingold of Wisconsin voted against the legislation because they want stronger reforms.
Brown put the bill's future on shaky ground Friday when he released a statement that he is unhappy with assessments and fees added to the bill — totaling $18 billion, by his estimate.
If Democrats can convince Cantwell and Feingold to support the legislation this go-around, the party is expected to have 58 votes for the bill and would need only two Republicans to side with them. If they can't get one or both Democrats, they'll need three or four Republicans.
That's unless a successor to Byrd can be installed this week. West Virginia Gov. Joe Manchin, a Democrat, holds the authority to appoint an interim replacement for Byrd, but Manchin told news outlets Monday that there is no timetable for the appointment. Byrd's death, then, puts in doubt Democrats' plan to have financial reform legislation signed into law before they all head home for the July 4 recess.
The Wall Street Journal reported Monday that Senate Majority Leader Harry Reid's office has indicated that a Senate vote won't be scheduled until the House has voted on the legislation.
http://news.yahoo.com/s/ynews/20100628/pl_ynews/ynews_pl2884