Financial Reform

Collins 'Inclined' To Support Wall Street Reform

Brian Beutler | June 30, 2010, 1:02PM

Sen. Susan Collins (R-ME)

Scott Brown's playing cute, but his fellow moderate Republican Susan Collins says she's basically ready to vote for Wall Street reform.

"Based on my initial review of the conference review, I'm inclined to support it," Collins told reporters this afternoon after a Senate vote. "I believe that it will improve the regulation of financial institutions and much needed transparency to the process, and that it will help prevent the kinds of risky practices that triggered this recession.

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Barack Obama

Obama: 'I'm Confident' We'll Still Pass Financial Reform -- Even Without Byrd's Vote

Eric Lach | June 29, 2010, 12:46PM

President Barack Obama

President Obama said today that he's "confident" about financial reform's prospects, even after the death of Sen. Robert Byrd (D-WV), a key vote for reform that Democrats are now hard pressed to replace.

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Robert Byrd

Collins Pulls Back Support For Wall Street Bill Over Bank Tax

Brian Beutler | June 28, 2010, 9:00PM

Sen. Susan Collins (R-ME)

Sen. Susan Collins (R-ME) joined Sen. Scott Brown (R-MA) this evening, putting herself back into the undecided column on Wall Street reform legislation, after House and Senate negotiators added new fees on banks to the final bill late last week.

"It was not part of either the House or Senate bill and was added in the wee hours of the morning. So I'm taking a look at the specifics of that and other provisions as well," Collins told reporters this evening outside the Senate chamber.

If both she and Brown oppose financial reform over bank fees, it could stall or even kill the legislation. Democrats would have to sweep the remaining swing votes--Sens. Olympia Snowe (R-ME), Chuck Grassley (R-IA), and Maria Cantwell (D-WA)--to pass the legislation. They want to pass the bill this week, but the death of Sen. Robert Byrd has thrown into doubt whether they'll have the votes lined up before the fourth of July recess.

WV-SEN

West Virginia GOPers Unlikely To Sue To Force Special Senate Election -- At Least For Now

Eric Kleefeld | June 28, 2010, 6:25PM

Sen. Robert Byrd (D-WV)

Will Republicans challenge West Virginia's Secretary of State in court, and demand that a special election for the late Sen. Robert Byrd's seat be held before 2012? So far, it doesn't look like it.

A Republican source in West Virginia told us that West Virginia Secretary of State Natalie Tennant's (D) interpretation of the law was "on point," though they don't like the law itself. "In other words, we don't think that the Secretary of State is politicizing her role here, but we do think the code itself has been politicized in the legislative sessions."

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WV-SEN

West Virginia Sec. of State: No Election For Byrd's Seat Until 2012

Eric Kleefeld | June 28, 2010, 5:24PM

The Late Sen. Robert Byrd (D-WV)

West Virginia Secretary of State Natalie Tennant (D) has announced that there will not be an election for the Senate seat formerly held by the late Democratic Sen. Robert Byrd until 2012 -- with Gov. Joe Manchin (D) set to make an appointment to serve until that time.

West Virginia's state law was ambiguous, even confusing, on this whole subject. In her remarks, Tennant even referred to it as "an interesting document." If the vacancy occurs with less than two years and six months in the term (the key date being this coming July 3), then the law doesn't require any further special election until Byrd's term would have come up anyway, at the regular election in 2012. So it might seem as if there should be a special election this year.

But here's the catch: The filing period and primaries already passed us by this year. With the state apparently not required to set up a new special election filing, that means there will not be another election until the next filing period in 2012. And when that election does get held, there will in fact be two elections -- one for the regular term that would have come up in 2012, and another for the final five weeks of Byrd's term, with the winner replacing the appointed Senator.

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Financial Reform

Feingold Will Vote To Block Wall Street Bill

Brian Beutler | June 28, 2010, 5:09PM

Sen. Russ Feingold (D-WI)

Sen. Russ Feingold (D-WI) is officially out. Feingold insists he will vote to block the final Wall Street reform legislation, after the end-stage negotiations failed to strengthen the bill.

"As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis," reads a statement from Feingold's office. "The conference committee's proposal fails that test and for that reason I will not vote to advance it. During debate on the bill, I supported several efforts to break up 'too big to fail' Wall Street banks and restore the proven safeguards established after the Great Depression separating Main Street banks from big Wall Street firms, among other issues. Unfortunately, these crucial reforms were rejected. While there are some positive provisions in the final measure, the lack of strong reforms is clear confirmation that Wall Street lobbyists and their allies in Washington continue to wield significant influence on the process."

Still no word from Sen. Maria Cantwell (D-WA), the other Democrat who opposed the legislation from the left. If she doesn't change her vote, the Wall Street bill will be in limbo. On Friday, Sen. Scott Brown (R-MA) threatened to retract his support for the bill. Between that and Robert Byrd's death this morning, the Wall Street bill will not have enough votes to pass, at least until Byrd's successor is seated.

Barack Obama

Obama On Byrd: 'The People Of West Virginia Have Lost A True Champion'

Eric Lach | June 28, 2010, 12:05PM

President Barack Obama

President Barack Obama has issued a statement to mark the passing of Sen. Robert Byrd (D-WV), the longest serving senator in U.S. history.

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WV-SEN

Legal Situation Unclear On Possible Special Election For Byrd's Seat

Eric Kleefeld | June 28, 2010, 11:01AM

The late Senator Robert Byrd (D-WV) and Governor Joe Manchin (D-WV)

The legal and political situation surrounding the Senate seat formerly held by the late Sen. Robert Byrd (D-WV) remains murky for now. West Virginia's governor will undoubtedly appoint Byrd's replacement. But it remains unclear whether that successor will serve the full remainder of Byrd's term through 2012, or whether a special election will also be held this year.

State law provides for an appointment in any case. If the vacancy occurs with less than two years and six months in the term (the key date being this coming July 3), then the law doesn't require any further special election until Byrd's term would have come up anyway, at the regular election in 2012. With a vacancy of more than two years and six months, the law calls for a special election, with a temporary appointment.

But when does a vacancy officially occur? Is it when Byrd died last night? Upon the state officially declaring a vacancy? Or the Senate officially declaring a vacancy? So far, no definite answers have been revealed.

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Robert Byrd

In Passing, Byrd Leaves Dems One Vote Shy Of Wall Street Reform

Brian Beutler | June 28, 2010, 9:50AM

The late Sen. Robert Byrd (D-WV)

Today the Senate will mourn the passing of its longest serving member in history, Robert Byrd (D-WV). But by week's end, Democrats want to pass final -- and unamendable -- legislation, rewriting the rules that govern Wall Street. And they have no margin for error -- or for losing a colleague.

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Robert Byrd

Flashback: Sen. Byrd's Speech on Eve of Iraq War (VIDEO)

Josh Marshall | June 28, 2010, 8:30AM

Sen. Robert C. Byrd (D-WV) died overnight in a Washington area hospital. He was 92. In recent years he was perhaps best known for his fervent opposition to the Iraq War. After the jump see video and transcript of his speech delivered the day before the Iraq War began, March 19th, 2003 ...

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