Brown Says He’ll Oppose Finance Bill With $19 Billion Bank Fee

[TomCADem]

Source: Business Week

June 29 (Bloomberg) -- U.S. Senator Scott Brown, a Republican who previously backed the regulatory-overhaul bill, withdrew his support, citing a $19 billion fee on banks and hedge funds negotiators inserted into the measure last week.

Negotiators who last week completed work on merging the Senate and House versions of the bill inserted the $19 billion fee to pay for the estimated cost of the legislation. The move eroded support from key Republicans as the Senate prepares to vote on the final passage of the bill as early as this week.

“This tax was not in the Senate version of the bill, which I supported,” Brown of Massachusetts wrote in a letter today to House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Christopher Dodd, who led the negotiations. “If the final version of this bill contains these higher taxes, I will not support it.”

Final approval from the House of Representatives and the Senate is needed to get the bill to President Barack Obama’s desk for his signature. While Democrats said they had hoped to move the bill before July 4, opposition to the $19 billion fee and yesterday’s death of Senator Robert Byrd, a West Virginia Democrat who had voted for the bill, could leave Democrats short this week of the 60 votes they need to advance the measure in the Senate.


Read more: http://www.businessweek.com/news/2010-06-29/brown-says-he-ll-oppose-finance-bill-with-19-billion-bank-fee.html

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Of course, the media will not call out Scott Brown for defending large Wall Street firms from paying even a modest tax. This will be portrayed as a Democratic failure, rather than a continuing effort by Republicans to protect such banks. It all has to fit in with media approved narrative.

[Skink]

1. Can't we pass it with 50 something votes.

Wouldn't that force them to filibuster.

[florida08]

2. exactly

Of course, the media will not call out Scott Brown for defending large Wall Street firms from paying even a modest tax. This will be portrayed as a Democratic failure, rather than a continuing effort by Republicans to protect such banks. It all has to fit in with media approved narrative.

[h9socialist]

3. Can Ed Markey be convinced to run for the Senate in 2012 against Brown?

[Bitwit1234]

4. Brown will just start passing all his nude-o pictures

around to the press to get the ladies excited so they will vote for him again.

[Change Happens]

5. The mother fucker wants the tax payers to pay this expense? What a fraud the PUKES are, ALL OF THEM!

Is this asshole on the ballot this November?

[TomCADem]

7. Of course, as a Republican, He Gets A Free Pass...

When Republicans engage in this kind of B.S., everyone blows it off as Republicans being Republicans. If 55 out of 58 Democrats vote for a progressive bill, and 42 Republicans vote as a filibuster the bill, we attack the Democrats for being corporatist based on the acts of three Democrats while ignoring the actions of 42 Republicans.

[StatGirl]

6. Hey, Brown, it's not a tax!

It's a user fee. You Repubs don't mind those, remember?