Senate Majority Leader Harry Reid (D-Nev.) must be a bit happier this morning than he was a couple of says ago. Back then fellow Democrats were stalling his vote on banking reform. By yesterday, all those knots had been smoothed out and the massive new piece of legislation to “prevent” another financial collapse like 2007 was passed 59-39.
“When this bill becomes law, the joyride on Wall Street will come to a screeching halt,” Reid said after the vote.
And who says bipartisanship is dead. OK, maybe only a few Republicans voted to end debate on the bill so that the final vote could be taken, but one of those Republicans was Scott Brown who changed his vote based on assurances from Rep. Barney Frank, a Democrat and a fellow Bay Stator. As the Wall Street Journal reports, this cooperation between Massachusetts legislators was necessary to get the bill to a vote.
“Brown was concerned that companies such as State Street Corp., Fidelity Investments, and Massachusetts Mutual Life Insurance Co., because of the large amount of assets they manage, could face restrictions similar to the curbs placed on big Wall Street banks.
Sen. Brown wanted assurances from someone that his concerns would be addressed before the bill became law.” On Wednesday nigh Brown called Frank. “‘Can you assure me you are going to fight for this?”‘ Mr. Brown asked Mr. Frank, according to Mr. Frank. “I said ‘Sure.”‘
“Mr. Frank’s support was key because he would be central to any negotiations aimed at reconciling differences between the House and Senate bills. Mr. Brown, aware that he would lose leverage after switching his vote to support cloture, wanted the assurances in writing.
“Mr. Frank early Thursday sent a letter to Senate Banking Committee Chairman Christopher Dodd (D., Conn.) and House Majority Leader Harry Reid (D., Nev.) making clear that financial companies would not be subject to more regulation because of their size alone.
“Then Brown asked for a second letter with further assurances and Frank obliged.”
Ain’t bipartisanship grand?