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View Full Version : Sen. Scott Brown (RINO-Mass) Brown would vote 'no' on Wall St. bill




bobbyw24
06-29-2010, 11:11 AM
Sen. Scott Brown (R-Mass.) said Tuesday he would oppose the Wall Street overhaul bill as it stands because of the $19 billion in fees it would place on big financial firms.

In a letter to Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.), Brown expressed "strong opposition" to the fees that were added in the conference process between House and Senate lawmakers last week.

"If the final version of the bill contains these higher taxes, I will not support it," he said.

The letter is the strongest indication yet that Brown will vote against the Wall Street overhaul bill. Brown had voted for the Senate's original version of the legislation before the fee was added.

The conference bill cannot be amended on the House and Senate floor. House and Senate lawmakers were planning to pass the overhaul bill this week.

Sen. Robert Byrd's (D-W.Va.) death on Monday has sent Senate Democrats scrambling to shore up votes for the financial overhaul.

http://thehill.com/blogs/on-the-money/banking-financial-institutions/106165-brown-would-vote-no-on-wall-st-bill-with-19-b-in-fees

bobbyw24
06-29-2010, 12:45 PM
By Silla Brush - 06/29/10 02:06 PM ET
Senate and House conferees on Wall Street reform are expected to reconvene Tuesday because of Republican objections to $19 billion in fees that would be placed on big financial firms.

The meeting would follow Sen. Scott Brown's (R-Mass.) letter to the chairmen of the conference committee on Tuesday, in which he said he would oppose the Wall Street overhaul bill as it stands.

In a letter to Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.), Brown expressed "strong opposition" to the fees that were added in the conference process between House and Senate lawmakers last week.

"If the final version of the bill contains these higher taxes, I will not support it," he said.

Conferees had announced a deal early Friday morning, and had hoped to move to votes in the House and Senate this week.

No new conference meeting has been announced, but lobbyists and reporters are converging on the Rayburn House Office Building in anticipation of one this afternoon.

Brown had voted for the Senate's original version of the legislation before the fee was added. So had three other Republicans, but all of their votes are now in question.

The conference bill cannot be amended on the House and Senate floor, which would make a new conference meeting a requirement.

http://thehill.com/blogs/on-the-money/banking-financial-institutions/106165-brown-would-vote-no-on-wall-st-bill-with-19-b-in-fees

Stop Making Cents
06-29-2010, 01:16 PM
bwahahaha, excellent!

Thank you for dying Sen. Byrd - you P.O.S.!

MsDoodahs
06-29-2010, 01:45 PM
I think I heard that Frank has come out to say that the bank tax is being removed and they'll use TARP funds instead, and that he now has the votes....

malkusm
06-29-2010, 01:56 PM
Scott Brown is such a piece of crap, regardless....this is nothing more than showmanship.

ChaosControl
06-29-2010, 02:06 PM
Meh, not the reason it should be opposed, but whatever.

bobbyw24
06-30-2010, 04:10 AM
By Silla Brush and Jordan Fabian - 06/29/10 08:37 PM ET

Democrats were forced to rewrite part of the Wall Street overhaul bill on Tuesday after objections from Republicans threatened to scuttle the legislation.


Sen. Scott Brown’s (R-Mass.) announcement that he would vote against the bill because of a provision imposing up to $19 billion in fees on large financial firms led to lawmakers reconvening a House-Senate conference on the legislation.



Brown’s objections and concerns from Maine Republican Sens. Susan Collins and Olympia Snowe cast doubt on whether Congress would be able to pass the bill and send it to President Barack Obama’s desk.


The three Republicans had joined all but two Democrats to end debate on the Senate’s version of financial legislation in May. Without the support of Brown, Snowe and Collins, Democrats do not have the 60 votes necessary to clear the conference report through procedural hurdles in the Senate.


Late on Tuesday, the conference committee adopted a new method of paying for the overhaul effort. Instead of the fee on large financial firms, conferees agreed to a Democratic proposal that includes a series of separate changes to make up the shortfall.


The new conference agreement includes language ending the $700 billion financial bailout package from 2008, and using the unspent money to help pay for the Wall Street overhaul effort. The committee said that move would raise roughly $11 billion.

The new report also calls for an increase in the minimum level of the Federal Deposit Insurance Corporation (FDIC) fund

http://thehill.com/blogs/on-the-money/banking-financial-institutions/106165-brown-would-vote-no-on-wall-st-bill-with-19-b-in-fees

CryLibertyOrDeath
06-30-2010, 05:11 AM
Good. We should encourage competition in finance, not discourage it with high entry costs through raising taxes. Let's not fall into a blind hatred of finance, that's not rational, republican (small r) or libertarian.