Cantwell Backs Financial Overhaul Bill
The regulatory restructuring bill -which CUNA and NAFCU are opposing because of the interchange provisions--came closer to passing the Senate when Sen. Maria Cantwell (D-Wash.) announced she would support it.
Cantwell, who opposed the bill when it first passed the Senate earlier this year, said in a statement while the bill is "not perfect,'' it makes "significant strides toward preventing the kind of financial meltdown that we saw in the fall of 2008."
The Senate is scheduled to take up the bill, which was passed by the House on Wednesday, during the week of July 12.
Although Democrats have 58 seats in the 100-member Senate (including two independents who caucus with them), the path to passing the bill is complicated. Sen. Russell Feingold (D-Wisc.) has said he will oppose the measure because it is not strong enough. Some Republicans have promised to filibuster the measure and the Democrats therefore need to find 60 votes to end the filibuster. The Democrats pinning their hopes on getting support from some of the following Republican senators: Sen. Scott Brown of Massachusetts, Sen. Susan Collins of Maine, Sen. Charles Grassley of Iowa and Sen. Olympia Snowe of Maine.