Sunday, May 23, 2010

Scott Brown Helps Pass Obama Financial Regulation Bill

Four Republican Senators defected and allowed a bill through
that effectively gives the government unprecedented new control
over a third of the economy.

Under the terms of the new regulatory law, the Secretary of
the Treasury can seize any financial institution, bank or
non-bank, if in his judgment it's on shaky ground and too
big to fail. Added to Obamacare and the bailouts, it amasses
a huge new amount of economic power in the Executive

Additionally, the new law requires prior approval of any
security prior to its issuance. Though it does not ride
herd on derivatives or force their transparency, Sen. Chris
Dodd, D-Conn., set up a commission to study the situation
for the next two years.

Conservatives fear the measure could be used to force
campaign financing, political retribution or any other
bureaucratic whim of which a political appointee may

One Democratic Senator, Maria Cantwell of Washington, voted
no against the new regulatory agency.

The four Repubicans who voted for its creation include Scott
Brown, newly elected GOP Senator from Massachusetts, along
with Susan Collins and Olympia Snow of Maine, and Chuck
Grassley of Iowa.

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