The Restoring American Financial Stability Act of 2010, sponsored by Senator Christopher Dodd (D-CT), looks set for vote on Thursday. (Download a copy of the bill by clicking here.) The House version of the bill, HR 4173, already passed. If passed by majority (with 60 votes or more) in the Senate, the reconciled reform package would only require President Barack Obama to sign into law. A handful of Republicans previously against the reform are now on board, potentially shifting votes in favor. Sen. Olympia Snowe (R-ME) is one of those Republicans: “After thoroughly reviewing the 2,315-page financial regulatory reform conference bill during the July 4 work period, I intend to support passage of the legislation when it’s brought before the Senate for consideration,” she said. Sen. Scott Brown (R-MA) is now also in support of the financial reform, now that the $19bn bank tax is removed. “While it isn’t perfect, I expect to support the bill when it comes up for a vote. It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes,” Brown said. “Further reforms are still needed to address the government’s role in the financial crisis, including significant changes to the way Fannie Mae and Freddie Mac operate.” Write to Jacob Gaffney.
Most Popular Articles
A new bill in the House of Representatives would make cooperatively owned units, or co-ops, eligible for mortgages backed by the VA.
MDK is strongly encouraging clients to embrace the new normal while preparing for a foreclosure volume increase in the not-too-distant future.