Friday, April 16, 2010

Mass. Senator - 'Wall Street-backed' - Can’t Explain Opposition to Financial Reform

In his weekly address, Obama called Senate McConnell’s mantra that the financial regulatory reform bill would amount to a bailout bill a “cynical and deceptive” argument. Obama said he will veto a financial regulatory reform bill that does not regulate the derivatives market properly. See More.

Summary is from Asked by the Boston Globe how he'd like to see the bill improved, Ted Kennedy's replacement in the Senate doesn't appear to know what it was he wanted changed though is against an extra layer of regulation.

Boston Globe wrote that Sen. Brown appeared to oppose the creation of a consumer protection agency within the Federal Reserve. 'It's more government, it's more government regulation at a time when businesses are trying just to pay their bills,' he said. 'Is that good? . . . If it's an area we need to fix, then I'm certainly open to it. But I haven't heard that that's the biggest thing that's problematic with it.'"

Bloggers immediately jumped down Brown's throat, pointing out that he received a veritable truckload of cash from the financial services industry just before his election.

ThinkProgress, the blog of the Center for American Progress, noted that their analysis found that Brown received $200,000 in campaign donations from Wall Street and business executives. $106,000 came from Wall Street executives alone. Chamber of Commerce, a Republican-oriented trade group, also spent $1 million on issue ads supporting Brown in the final days of his campaign, ThinkProgress noted.

In picture above from left, Senators John Ensign, Republican from Nevada, Scott Brown of Massachusetts, and Tom Carper, a Democrat from Delaware, chatted on Capitol Hill on April 15, 2010. (Associated Press)

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