Death Of Sen. Byrd Creates Possible Delay On Financial Reform Bill

Posted by Orb Staff on June 29, 2010 No Comments
Categories : Residential Mortgage

's death of Sen. Robert Byrd, D-W.Va., may result in the delay of the U.S. Senate's vote on the financial reform legislation. According to the [link=http://www.latimes.com/business/la-fi-byrd-reform-20100629,0,2877745.story]Los Angeles Times[/link], the problem arises with a last-minute introduction of a $19 billion tax on large institutions into the bill. Two Republican senators who supported the initial reform legislation, Scott Brown of Massachusetts and Susan Collins of Maine, have stated they will review the new tax and reconsider their initial support. Byrd's death reduces the Democrats' majority in the Senate to a 58-41 split, and the Democrats are two votes shy of the 60-member majority needed to block a filibuster by the Republicans. President Obama had publicly called for the legislation's passage before Congress leaves for its weeklong July 4th recess. SOURCE: Los Angeles

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