Saturday, July 03, 2010

Cantwell Flips Vote On Financial Reform Bill

Maria Cantwell Flips Vote On Financial Reform Bill, Senate Nears Margin Needed For Cloture; The Huffington Post

One of the two Senate Democrats opposed to the pending financial reform bill flipped Thursday and announced that she would back a bill she had until now steadfastly opposed for being too weak, potentially bringing Democrats to within one vote of the 60 needed to end Senate debate and secure passage.

A spokesman for Sen. Maria Cantwell (D-Wash.) exclusively told HuffPost that the senator planned to back the bill. She later said in a statement that after reading the final version of the legislation -- and receiving a letter of assurance from a top derivatives regulator -- she would now support the overhaul "because of tough new regulations of derivatives added in final conference negotiations."

Cantwell had previously opposed the bill for its perceived laxity in dealing with firms that try to evade its requirements for derivatives trading, as well as the discretion it affords regulators who may seek to weaken its provisions.

Read the rest here.

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