Thursday, July 15, 2010

Sweeping Financial Reform Poised for Passage ... Idaho Senators Poised to Vote No

Posted By on Thu, Jul 15, 2010 at 10:46 AM

Idaho Sens. Mike Crapo and Jim Risch say they'll vote no, but that's not expected to stop a broad overhaul of the nation's systems of financial regulations.

Early today (Thursday), the bill cleared a procedural hurdle to advance the legislation. The vote was 60 to 38, with Risch voting no, and Crapo missing the vote due to a doctor's appointment. Both Crapo and Risch's offices say the Senators will vote no this afternoon—at about noon, Boise time—when it is presented for final passage.

The measure already cleared the U.S. House with Idaho Democratic Rep. Walt Minnick voting in favor, and Republican Rep. Mike Simpson voting no.

The White House is expected to hold a signing ceremony next week, to mark another landmark piece of legislation in the wake of sweeping reform to the nation's systems of health care.

Today's financial regulation bill would create a new consumer protection bureau, and expand the authority of the Federal Reserve. The bill is also expected to curb risky behavior on Wall Street, restricting the ability of banks to invest and trade for their own accounts. The federal government will also gain new authority to seize and shut down failing financial institutions. The bill tops out at more than 2,300 pages.

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