House Passes Financial Reform, Senate to Vote Soon

Lora Bentley

The financial regulatory overhaul legislation that recently came out of a joint conference committee passed the House of Representatives Wednesday by a vote of 237 to 192. The Big Money reports only three Republicans voted to support the bill. The rest voted against it because they think it gives too much power to the government.

 

Not only does the bill give the government power to avoid future taxpayer bailouts by breaking up companies that are failing, it also gives both the Federal Reserve and the Securities and Exchange Commission more power. Moreover, it does not address Freddie Mac and Fannie Mae, which many Republicans see as a significant cause of the meltdown that necessitated a regulatory overhaul in the first place.

 

But before the bill can be presented to the president, it must also pass the full Senate, where Democrats don't enjoy such a significant majority. And the recent passing of Sen. Robert Byrd, D-W.Va., means that majority is even smaller.

 

In fact, it's small enough that Democrats may need to scramble during the holiday recess to make sure they have the votes of enough Republicans to avoid filibuster when they return to Washington and the bill comes to the Senate floor for a vote.



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