Financial Overhaul Passes Key Procedural Hurdle With 60-38 Vote

Editor’s Note – In what could be a major victory for Obama, the passage of the financial overhaul bill just got a lot closer.  Much like the healthcare reform bill, this legislation has little to do with solving our financial problems in this country. 

Incredibly, it does not even address the leading cause of the financial meltdown, Fannie Mae and Freddie Mac.

And, just as we saw in the 2,400+ page healthcare bill, this 2,300 page monstrosity is designed to benefit the labor unions and far left advocacy groups.  And, it sprinkles in the pre-requisite social engineering that’s destroying the fabric of this nation.  Can’t be much doubt that it was the written by the radicals at the Appolo Alliance.

We have the usual suspects from the right aiding and abetting; Olympia Snow, Susan Collins and newcomer Scott Brown.  Why not just expel them from the Republican Party and get it over with!

“Fundementally transforming America.”

Update – The Senate passed the bill, handing President Obama a major legislative victory heading into the midterm elections.  The vote was 60-39 to approve the 2,315-page bill.  Scott Brown was the deciding vote, who, along with Snow and Collins of Maine, crossed party lines to support the bill.

Financial Overhaul Passes Key Procedural Hurdle With 60-38 Vote

The Senate voted Thursday to end debate on sweeping financial overhaul legislation, putting one of President Obama’s highest priorities on a glide path to enactment.

The Senate voted 60-38 on a key procedural motion to end debate on the 2,315-page bill. The move sets up a final vote as early as Thursday afternoon.  The House already approved the legislation. 

Republican Sens. Susan Collins (Maine), Olympia Snowe (Maine) and Scott Brown (Mass.) joined all but one Democrat in support of the legislation. Sen. Russ Feingold (Wis.) was the lone Democrat opposed to the measure, which he said was not tough enough on the industry.

The financial reform bill expected to clear Congress this week is chock-full of provisions that have little to do with the financial crisis but cater to the long-standing agendas of labor unions and other Democratic interest groups.

Principal among them is a measure to make it easier for unions, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States.

The bill would also create more than 20 “offices of minority and women inclusion” at the Treasury, Federal Reserve and other government agencies, to ensure they employ more women and minorities and grant more federal contracts to more women- and minority-owned businesses.

The agencies also would apply “fair employment tests” to the banks and other financial institutions they regulate, though their hiring and contracting practices had little or nothing to do with the 2008 financial crisis.

The powerful new consumer protection agency that is the centerpiece of the reform bill also would provide substantial employment opportunities and funding for Democratic and social-activist groups such as the Association of Community Organizers for Reform Now (ACORN), critics say.

Sources –

http://thehill.com/homenews/senate/108989-financial-overhaul-passes-key-procedural-hurdle-with-60-38-vote

http://www.washingtontimes.com/news/2010/jul/14/finance-bill-favors-interests-of-unions-activists/

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