The prospects for the Dodd-Frank bill improved early this week with the flip of several Republicans, including Massachusetts Senator Scott Brown. Not surprisingly, this has led to a general revolt against Senator Brown from the conservative blogosphere just months after he became the toast of the party after claiming the former seat of long term Democratic Senator Edward Kennedy. Brown’s flip along with the flips of Senators Olympia Snowe and Susan Collins of Maine has brought the Democrats to the cusp of passing what many within the financial industry believe is a flawed bill unlikely to solve the key causes of the financial crisis, lock up credit and delay the recovery. Supporters of the bill should be wary, if the bill passes and thousands of perspective borrowers find credit increasingly difficult to obtain due to the myriad of new regulations and bureaucratic red tape, the backlash from the people could be swift for Democrats and supporting Republicans alike.
Dodd-Frank Nearing Finish Line?
Previous post: Letter from Florida – The Special Session Edition
Next post: The Bad Program That Just Won’t Die