Financial Reform Update
The House has just passed the House Conference Report of the Wall Street Reform and Consumer Protection Act of 2009. Three Republicans joined Democrats in voting for the legislation while 19 Democrats voted against the House Conference bill.
To view a letter ATR sent to the Senate urging them to oppose this legislation, click here.
The onus is now on Senate Republicans to stop this bill as Democrats will need Republican votes to ratify financial reform. The National Journal reports that Sen Susan Collins (R-Maine) is now inclined to support the bill after an $18 billion tax on financial firms was removed during conference. Senators Collins, Olympia Snowe of Maine, Scott Brown of Massachusetts, and Chuck Grassley of Iowa, were the only Republicans to support the earlier Senate version making them likely targets for Democrats this go-around.
Harry Reid and the Senate will take-up Financial Reform after the July 4 Recess.