Scott Brown (R-MA) to vote yes on Wall Street Reform: passage all but assured

Scott Brown (R-MA) has announced today he will be supporting the financial reform bill being debated in the Senate. He came to this decision after having extracted concessions in conference committee, notably the removal of the $19 billion bank tax which would have affected many Boston banks. His vote will be joined by Senate moderates Olympia Snowe (R-ME) and Susan Collins (R-ME). The vote of conservative Iowa Senator Chuck Grassley will not be known until the cloture vote, though it is likely to be no. This bill has not been followed by the progressive community with the same intensity as the health care bill but it is a very big deal. It begins to reverse the trend of financial deregulation begun under President Reagan in a powerful way. It does not solve some of the problems which led to the financial meltdown, but does rein in some of the worst abuses by banks. It also shows there is still potential for negotiation with moderate Republicans, such as Scott Brown. This will likely hurt his standing among conservative Republicans, however.