Scott Brown, in his first real chance to sink his teeth into some substantial finance reform, crossed the isle to join Olympia Snowe and Susan Collins in voting for the largest expansion of government power over banking and the markets since the Depression. These three Republicans joined with the Democrats to block a filibuster allowing the bill to narrowly pass.
Ten regulatory agencies will now have the discretion to write hundreds of new rules governing finance. The decisions will be made by obscure agencies including the Federal Reserve who have asked for $45 million to staff up. “Democrats say the Bill will cut the odds of another crisis and help handle another when it comes.”
This last statement is comical if it were not so tragic for everyone this bill touches. Instead of responding to the cause of the financial crisis the bills weakens the U. S. economy and retards economic growth when we need it the most. From ATM charges to a 3% reduction on shareholder return on equity, no one escapes being impacted except the real culprits Fannie Mae and Freddie Mac.
Remember these are the same folks that brought you Healthcare.
