He said he’d vote yes, and today he did it.
The vote by the Senate was 60 to 39, with three Republicans from the Northeast [including Scott Brown] joining with the Democrats in voting to advance the legislation.
Among the bill’s many provisions:
It would create a powerful consumer financial protection bureau, to be housed in the Federal Reserve, and widely expand the regulatory authority of the central bank.
Overall, the NYT characterizes the bill this way:
While the measure does not fully restore the toughest restrictions imposed after the Great Depression, it is a clear turning point, highlighting a new distrust of Wall Street, fear of the increasing complexity of technology-driven markets, and renewed reliance on government to protect the little guy.
Kudos (again) to Brown for seeing that this was the right vote. I am, of course, unable to resist pointing out that, back before he was even sworn in, this is exactly what I said he should do:
So here is Brown’s big chance: vote with Obama on financial regulation, and specifically on the consumer protection agency.
If Brown wants any shot at reelection in 2012, he needs to pick a couple of high-profile issues on which he goes with Obama and bucks the Republican leadership….
[O]n the overhaul of financial regulations, and on the consumer protection agency (issues on which Brown took no specific position during the campaign), Brown has a huge opportunity. It’s at least a three-fer. By backing Obama on this, Brown can (1) prove that he actually is an “independent” thinker who won’t mindlessly do the GOP leadership’s bidding; (2) score an enormous public relations coup that keeps his name on the front pages for a good while longer; and (3) prove that he can’t be bought by a bunch of out-of-state fatcats. Oh, and he can also help prevent the economy from melting down again. So it’s a four-fer.
The reference to out-of-state fatcats is to a Globe article that counted up the impressive number of out-of-state financiers who maxed out to Brown’s campaign. Let’s recall how some of them explained their donations:
Martin Gruss, owner of a West Palm Beach, Fla., investment firm, said he gave $2,400 to Brown because he vehemently disagrees with the policies being pursued by Obama and his economic aides. “They have no real understanding of the business implications of their actions,” he said, adding that limits on trading securities would undermine the position of the United States as the world’s financial capital…. “People like me are scouring the country for conservative candidates,” said John Mumford, a California venture capitalist who gave the maximum $2,400 contribution to Brown four days before the election. “What’s going on in Washington is against everything I believe in, which is small government, balanced budgets, and support for free enterprise.” … “Basically, I thought making him the 41st Republican vote in the Senate would prevent some really terrible legislation from getting through, [California securities analyst Richard Hillman] said.
It’d be interesting to hear what those guys have to say about today’s events.
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p>2. Taking a look at serious “job protection against outsourcing” as well as job creation, and
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p>3. A serious examination of jobs for returning veterans, who have an unacceptable level of unemployment; and
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p>4. A “buy American first” incentive for items made in the USA; and
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p>5. Railroads as the least expensive & “greenest” way to move goods and raw materials and people around in this huge country of ours – Canada and even Mexico leave us gasping in truck fumes and high transport costs.
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p>I may sound old fashioned, but supporting and protecting railroads & manufacturing in this country was part of the post-civil war prosperity that Abe Lincoln understood, and that that built the foundation for a competitive USA economy.
.. but I still say he is not the brightest bulb on the Hill.
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p>I suspect his electoral success in 2012 will have more to do with three questions than with his voting record:
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p>1) Will the Dems put up a good candidate with a good campaign?
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p>2) Will the GOP put forward a competitive Presidential candidate?
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p>If Obama landslides against loon like Palin or Huckabee, and there is a popular Dem on the Senate line of the ballot, Brown will be in trouble. The couple percent of GOP leaners who are not motivated to vote for a losing Presidential ticket will cost Brown the race.
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p>However, if the Presidential race is competitive in MA and/or the Dem candidate for Senate is not someone who can turn out a crowd, Brown will likely win. If all of Brown’s voters show up, it will take all of Obama’s voters to beat him and even then it will be close.
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p>The Senate race is NOT going to be the biggest game in town that Tuesday.
… not 3. Oy. (speaking of dim bulbs…..)