Tuesday, June 29, 2010

Tacoma Leaders Close When Cloture Fails

Earlier, we’ve blogged about the Finance Reform bill and its comparatively minor provisions that relate to angel investors. I say comparatively minor as the Finance Reform bill does many earth-shaking changes in the nation’s/world’s financial market. Those many earth-shaking changes are where the news action is.

However, a new local link is emerging.

CQ News reports today that final action on the comprehensive financial service overhaul remains uncertain. With both the election of Sen. Scott Brown (R-MA) and the death of Sen. Robert Byrd (D-WV), sixty Democratic senatorial votes are no longer assured. With only four Republican senators voting “yea” for the Finance Reform bill, the question arises which Democrats are voting “no.”

Chamber delegation visiting with Sen. Cantwell immediately following Senate failure to
vote on her amendment.
Those two Democratic senators voting “no” are said to be Sen. Charles Grassley (D-IA) and our own Sen. Maria Cantwell.

When the Chamber’s delegation visited Washington, D.C. last month, Sen. Cantwell had just had defeated (by Sen. Harry Reid, (D-NV) Majority Leader, pursuing a cloture vote) on the Senate floor her proposed amendment. She was quoted at the time by Jordan Fabian, thehill.com/blogs, that a vote on her amendment was continguent on her voting “yea” for the Finance Reform bill.

Sen. Cantwell’s amendment, co-sponsored by Sen. Blanche Lincoln (D-AR), aims to toughen enforcement of complex financial derivatives.                                

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