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Brown says he would filibuster financial reform
By Matt Viser, Globe Staff
WASHINGTON – Senator Scott Brown said this morning that he would join a Republican filibuster to block a package of financial overhauls from coming to a vote in the Senate, providing GOP allies with further ammunition as they seek to stifle the Democrats’ hoped-for crackdown on Wall Street.
Brown, in his first Sunday morning talk show appearance since being sworn in three months ago, also accused President Obama of playing politics with the issue and said that Democrats were not doing enough to work with the other side of the aisle.
“I think the president's political arm is now taking over this debate,” Brown said during a 13-minute interview on CBS’ “Face the Nation.” “And it's unfortunate because I, like many others in my state and throughout the country, want banks to be banks. They don't want them to be casinos. They don't want them to take risky bets on our money.”
Brown also said the bill would harm some Massachusetts companies because the “web” of new investing rules would sweep up insurance firms Liberty Mutual and MassMutual. Without elaborating or explaining where he got the estimate, Brown also claimed the bill would cost 25,000 to 35,000 jobs.
Attacking the legislation as a job-loser in a shaky economy would be a new approach for Republicans, who have been far more focused on portraying the financial overhaul as one that could provide further bailouts to big banks. Brown did not mention that leading attack, which was launched last week by Senate Minority Leader Mitch McConnell and has been pilloried by Democrats as “cynical” and “misleading.”
Financial regulatory reform is expected to grip Washington over the next several weeks as Senate Democrats determine whether they should alter their current plan to appease Republicans, or dare them to vote against a plan that is meant to crack down on unpopular Wall Street firms. The House has already passed its bill, which was drafted by Representative Barney Frank of Newton, chairman of the Financial Services Committee.
Matt Viser can be reached at maviser@globe.com.
WASHINGTON – Senator Scott Brown said this morning that he would join a Republican filibuster to block a package of financial overhauls from coming to a vote in the Senate, providing GOP allies with further ammunition as they seek to stifle the Democrats’ hoped-for crackdown on Wall Street.
Brown, in his first Sunday morning talk show appearance since being sworn in three months ago, also accused President Obama of playing politics with the issue and said that Democrats were not doing enough to work with the other side of the aisle.
“I think the president's political arm is now taking over this debate,” Brown said during a 13-minute interview on CBS’ “Face the Nation.” “And it's unfortunate because I, like many others in my state and throughout the country, want banks to be banks. They don't want them to be casinos. They don't want them to take risky bets on our money.”
Brown also said the bill would harm some Massachusetts companies because the “web” of new investing rules would sweep up insurance firms Liberty Mutual and MassMutual. Without elaborating or explaining where he got the estimate, Brown also claimed the bill would cost 25,000 to 35,000 jobs.
Attacking the legislation as a job-loser in a shaky economy would be a new approach for Republicans, who have been far more focused on portraying the financial overhaul as one that could provide further bailouts to big banks. Brown did not mention that leading attack, which was launched last week by Senate Minority Leader Mitch McConnell and has been pilloried by Democrats as “cynical” and “misleading.”
Financial regulatory reform is expected to grip Washington over the next several weeks as Senate Democrats determine whether they should alter their current plan to appease Republicans, or dare them to vote against a plan that is meant to crack down on unpopular Wall Street firms. The House has already passed its bill, which was drafted by Representative Barney Frank of Newton, chairman of the Financial Services Committee.
Matt Viser can be reached at maviser@globe.com.
About Political Intelligence
Glen Johnson is Politics Editor at boston.com and lead blogger for "Political Intelligence." He moved to Massachusetts in the fourth grade, and has covered local, state, and national politics for over 25 years. E-mail him at johnson@globe.com. Follow him on Twitter @globeglen. |
