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In a letter to Senate Banking Committee Chairman Chris Dodd and House Banking Chairman Barney Frank, Sen. Scott Brown (R) said he will not vote for the financial regulatory reform bill because it contains a $19 billion assessment on big banks. Brown says that amounts to "higher taxes."
"This tax was not in the Senate version of the bill, which I supported. If the final version of this bill contains these higher taxes, I will not support it," he writes.
"It is especially troubling that this provision was inserted in the conference report in the dead of night without hearings or economic analysis. While some will try to argue this isn't a tax, this new provision takes real money away from the economy, making it unavailable for lending on Main Street, and gives it to Washington. That sounds like a tax to me."
When asked if Brown would also vote with Republicans to maintain the filibuster on the legislation -- thereby depriving Democrats of the 60 votes needed to advance the bill to the final vote -- his spokeswoman referred us back a line in his letter: "If the final version of this bill contains these higher taxes, I will not support it."
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Has the whole world gone mad, or is that just me?
Don't answer that, Bag Boy. ;)
Not the whole world, just Dodd and Frank. Dodd admits he does not know what is in the bill. Neither Dodd or Frank do anything about Frannie and Freddie.
Why would any sane person vote for a bill when they do not know what is in it?
What poosible rationale is there for continuing to ignore Frannie and Freddie?
Never saw THAT coming! lol
The right wing nuts don't mark 'lock step' for nothing... do they?
And NO Anna Molly... it's not just you! With each passing day it feels like its gone stark raving mad!
Anna Molly-
Discretion being the better part of valor...
No comment.
Once again the republican party shows that they are more supportive of the banking industry than in doing the right thing. Big banks make too much money off regular folks, the fees and interest rates they impose are absurd. Perhaps we should follow the money, literally, to see why brown really does not want financial reform? I do not believe for one second his flimsy arguement that the assessment will do anything to change main street banks, that all changed back in the 80's and you can't find a main street bank anymore, or at least not where I live. they are all owned by another company or subsidiary. the best thing to happen would be to do away with the big banking system and go back to the way banks (and insurance) was regulated in the 60's & 70's. Then perhaps the CEO's of both would not be making out like bandits with everyone elses money.
Interest rates are absurd? Don't know about you, but my interest rates are fantanstic. Just refianced the mortgage at less than 5% on a 30 year fixed. Have a credit card at 0.0% (just one because credit cards are for suckers). None of my checking accounts or ATM cards have any fees. Car loan is at 1.9%. You see when you have good credit, and pay your bills on time, you are not a risk and the bank doesn't have to charge high rates and silly fees to protect itself.
Now I suppose if I had bad credit - from not timely paying the bills, I'd have to deal with high rates and have to pay bank fees. But I like to pay bills on time.
Now when inflation hits, and its coming, those rates will no longer be available. However, the banks will pay the 13 - 15% CD rates. Just like when Carter was pres. Those were good times - just like what's coming. Welcome back Mr. Carter.
Again folks - 1. what's in the bill? Dodd admitted he does not know. So exactly how is it going to help? And more importantly what are the unintended consequences? 2. How can they possibly leave out Fannie and Freddie? Ignoring it does not mak them, or the trillion they now cost, go away.
AND 3. What does any of it matter - they cannot even pass a buget. The buget director resigned because if there is no budget. He would just be the director of unicorns and fairy dust.
That's exactly how it is supposed to work, Spanky, and congrats on having such nice rates! If people with bad credit want loans, they must pay a higher rate due to the increased risk they present. That is fair and the only way banks can stay afloat, as they need to make enough money to cover the losses the small % of defaults cost them. However, I do have a problem with a financial institution that also acts as an investment bank, combining your loans with those of high risk people, and selling them to others for a profit on a gamble. I'm not going to pretend to understand credit-default swaps and the crap that brought down the banking industry, but it never should have been allowed to happen.
About the time Brown learns how the Senate works, it will be time for him to go home, permanently. But for now he sure enjoys being in the spotlight.
'....And by the way, what is making too much? What gives you the right to tell anybody or any company they make too much money? So much for the american dream.....'
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Because they just got their A**s bailed out by tax payers ... Pass the damn thing without the 'taxes' WHY wasn't this passed AGES AGO when Byrd was alive ?? Is Rahm too busy running for Mayor of chicago ?? a FUMBLING, Inept admin...
Again to you Libs, what about Fannie and Freddie? Why are they excluded? You want financial reform start at the institutions that started this whole mess.
And by the way, what is making too much? What gives you the right to tell anybody or any company they make too much money? So much for the american dream.....
Scott Brown has an "R" after his name. That shouldn't surprise anyone that he just says no, especially if it may control unfettered, greedy, bankers who are the darlings of the Republicans.
If the Republicans stop this it is not going to look good for them to the average voter. They may have principled reasons for being against this, but to most people who don't know or care about the details, this is going to look like the Republicans are in bed with the big banks.
Pink Leather Shorts Brown is just another repugnant ones flip flopper, first he was for financial reform before he was against it. The $19 billion of new fees is far less than what the big banking thieves should pay for wrecking our economy with their VooDoo banking economics that left so many with so many toxic loans. As always the repugnant ones whine about taxes, hey when are you fools going to repay that massive $13 trillion Reagan, Bush Bush National Debt by paying your fair share of taxes.
Just another lie that the federal government taking another $19 billion from the banking thieves is taking money out of their hands to make more loans. The thieving banking executives just take those billions out of the big banks with their massive unearned undeserved bonuses. Just another lying smokescreen from a Teahadist Paliban traitor to the American people.
Recall Pink Leather Shorts Brown!
You gotta do it WITHOUT the 'taxes'
GET IT DONE
It's NOT an ideal solution
Be we dithered too long.... IT's called compromise
There are a number of ads up here going after Scott Brown. He is being targeted as an "insider" in DC. He's toast in 2012.
Talk to him personally about this legislation, alone, with no spokeswoman. He won't be able to give you a coherent answer.
So you get mad at Brown for not being "able to give a cohrent answer" but you are ok with Dodd's statement that he does not know what is in the bill he drafted. Seems totally fair and well thought out.
Maybe the rule should be no bill gets considered until the author can tell us what is in it, and what it will do? Could be a nice change of pace.
Pat-are you aware of the poll that was done by UNH in the last week? Brown is more popular than Kerry. It also showed him more popular than Patrick, but hatracks are more popular than he is in your state.
By the way, what is your take on Feingold voting no?
Does anyone know if they've posted a synopsis of the final bill somewhere? HR 4173 is 1700 pages long? If Russ Feingold is hesitant to back it, I'm suspicious it won't do much.