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Wall St. Reform Bill Passes Senate; Scott Brown Votes ‘Yes’ After Dems Promise Him Another Spread in Cosmo

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By Doug Powers  •  May 20, 2010 10:15 PM

**Posted by guest-blogger Doug Powers

I have a strange feeling that my 401K is about to sink so low tomorrow that it may well put the final plug on the Gulf oil leak.

Another day, another takeover:

WASHINGTON, May 20 (Reuters) – The U.S. Senate approved a sweeping Wall Street reform bill on Thursday night, capping months of wrangling over the biggest overhaul of financial regulation since the 1930s.

By a vote of 59 to 39, the Senate awarded a victory to President Barack Obama, a champion of tighter rules for banks and capital markets after a 2007-2009 financial crisis that slammed the economy and led to massive taxpayer bailouts.

The Senate bill must now be merged with a measure approved in December by the U.S. House of Representatives. Only then could a final package go to Obama to be signed into law, something that analysts said may happen next month.

And it’s official — the excitement over the GOP taking Kennedy’s seat is over — Ted lives on:

In January, he broke the Democrats’ lock on the Senate.

On Thursday, he gave it back.

Sen. Scott Brown (R-Mass.) effectively became the 60th vote to cut off debate on Wall Street reform Thursday – a far cry from when Republicans were hailing him as the 41st GOPer who was going to stand up to the Democrats’ agenda. Brown also voted “yes” on final passage.

Brown’s vote allowed Democrats to move swiftly toward final passage of one of President Barack Obama’s top legislative priorities, a day after he was accused of breaking his word by Senate Majority Leader Harry Reid, who said Brown had promised to vote yes Wednesday.

By Thursday, though, Brown switched from no to yes, after a talk with Reid and a full-on sales-pitch from Democrats in the Massachusetts delegation, including Sen. John Kerry, who made the pitch that the bill is good for the state. Brown met Kerry at the Democrat’s Georgetown home at 6 a.m. Thursday for a bike ride where they discussed the pending bill extensively, Brown said.

Scott Brown: From a pickup truck to bicycling with John Kerry in a few short months. I don’t even want to know what Brown will vote for if Kerry takes him windsurfing.

**Posted by guest-blogger Doug Powers

Twitter @ThePowersThatBe

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