“This legislation brings us another important step closer to necessary, comprehensive financial reform that will create clear rules of the road, consistent and systematic enforcement of those rules, and a stronger, more stable financial system with better protections for consumers and investors,” said President Barack Obama.
Regulatory reform has been the focus of an intense lobbying campaign on the part of the financial services industry, which has spent $344 million (and some time huddling with Republicans) trying to figure out ways to kill it. And before the final bill came to a vote, conservative Democrat Rep. Walter Minnick (ID) proposed an amendment removing the CFPA and replacing it with a consumer protection council composed of 12 existing bank regulators.
Rep. Barney Frank (D-MA) called the provision “the bureaucratic version of the Christmas song,” but still, it was only defeated 223-208, with 33 Democrats voting in favor of dumping the CFPA. Also, an amendment that would have added a provision to the bill allowing bankruptcy judges to cram-down mortgage payments for troubled homeowners was defeated 241-188, with 71 Democrats voting against.
Overall, 27 Democrats (and every Republican) voted against final passage of the bill, siding with the financial services industry and Wall Street banks against consumers and regular investors. After the jump is a full list of Democrats who either voted against final passage or in favor of Minnick’s amendment: Read more