Monday, April 19, 2010

The GOP's Last Ditch Stand against Bank Reform

The moment I read that Mitch McConnell was complaining about politicizing financial reform, I knew a bill would pass. The New York Times has the story:
In a televised appearance on Sunday, Mr. McConnell asserted that Mr. Obama was “trying to politicize this issue,” and stoutly defended his argument in recent days that the Democratic bill would institutionalize taxpayer bailouts of big banks.
Never mind that McConnell persuaded 41 Republican senators to sign a letter opposing the current bill. Several of those senators are ready to break ranks:
Senator Scott Brown, the Republican from Massachusetts who has made a point of showcasing his independence, said on Sunday that he would be willing to work with Democrats on a compromise version. “We absolutely need to fix certain areas in financial reform,” Mr. Brown said on “Face the Nation” on CBS.
And on Monday, Mr. Geithner will meet with Senator Susan Collins of Maine, who was the last of the Senate Republicans to agree to sign Mr. McConnell’s letter opposing the Democratic bill.
Several Republicans on the Senate Banking Committee have worked with Democrats on the committee for the last year on bipartisan legislation, despite Mr. McConnell’s intervention at times against their talks.
This is going to get done, despite McConnell's efforts to spin GOP opposition as an improbably populist stand against bank bailouts.

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