Before the holiday, TIME reported that Sen. Maria Cantwell, D-Wash., has announced her support for the financial reform package expected to go to a Senate floor vote when Congress reconvenes after the July 4 recess. Her vote "makes the math easier" for Democrats trying to ensure the bill is passed without incident, writer Adam Sorensen said.
Cantwell previously did not think the bill was strong enough on regulation of derivatives trading, but she was swayed after Commodity Futures Trading Commission Chairman Gary Gensler assured her that the language regulating derivatives is "strong and comprehensive" and will make great strides toward "reducing risk and increasing transparency" in the market.
In her statement, Cantwell said:
Since even before the financial crisis of fall 2008 I have been fighting to bring the $600 trillion derivatives market out of the dark, unregulated betting hall where it has existed and into the bright light of transparency and regulation. This legislation is not perfect, and I will continue to push for even bolder action...
In the meantime, Rep. John Boehner, R-Ohio, spoke out against the legislation, saying it is equivalent to "killing an anthill with a nuclear weapon." In response to that comment, according to The Hill, President Obama told attendees at a town hall in Wisconsin:
He can't be that out of touch with the struggles of American families...Do you think that the financial crisis was an ant and we just needed a little ant swatter to fix this thing?
The House passed the landmark legislation last Wednesday, and the Senate is expected to vote on the package soon after Congress reconvenes.