How the Senate Financial Reform Bill Gained Strength

[ProSense]

How the Senate Financial Reform Bill Gained Strength

Monday, 05/24/2010 - 2:22 pm by Mike Konczal

There’s a general consensus that the Senate Bill is strong, even surprisingly strong, with everyone being blindsided as to how that happened. Here’s Edmund L. Andrews and Katherine Reynolds Lewis:

Bulked Up, Not Watered Down

Industry lobbyists are stunned that the bill became tougher rather than weaker as it progressed through the Senate…Scott E. Talbott, a top lobbyist for the Financial Services Roundtable, which has adamantly fought against many provisions in the Senate bill, sounded almost shell-shocked by the bill’s breadth…

The bill is a major victory for President Obama and a valedictory for retiring Senate Banking Committee Chairman Christopher J. Dodd, D-Conn. Dodd was the guiding force who overcame strong opposition from many Republicans and some Democrats and skillfully navigated past numerous procedural barriers.

A lot of people, notably Americans for Financial Reform, have been fighting day in and day out for financial reform. But even with all their efforts, 3 months ago people were very greatly discouraged about what could have been accomplished in the Senate.

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[damntexdem]

1. As I noted on the day of the vote, that it got stronger as time went on ...

explains Scott Brown's crossing the line and allowing cloture to be invoked. Feingold was right to try to keep the debate going.