The Corner

The Dodd Bill Loses a Procedural Vote

And the senator of Massachusetts defends his no vote in a release (it’s just still such a new feeling to have a Bay State senator as a frequent ally):

I was hopeful that both sides would have reached a bi-partisan agreement by today that protects the safety of our financial system, as well as the interests of taxpayers and consumers. My vote is not a vote against financial reform; instead it’s a vote to insist that the parties continue bi-partisan negotiations to come up with a commonsense bill we can all be proud of.

As currently written, the legislation contains loopholes that could leave the taxpayers on the hook for future bailouts of Wall Street. This bill would also hurt jobs in Massachusetts, including small start-up businesses that did not contribute to the economic crisis and are the job-creating engines that will get our economy moving again.

With millions of Americans affected by the financial crisis, this issue is too important to play political games with or rush through Congress along party lines. There are serious problems with this legislation that must be fixed and I remain hopeful that a bi-partisan agreement can be reached soon.”

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