Florida delegation votes party line on Wall Street regulation
WASHINGTON (AP) -- A year after Wall Street failures plunged the nation into recession, the House on Friday passed the most ambitious restructuring of financial regulation since the New Deal.
The sprawling legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to oversee consumer banking transactions and shines a light into shadow financial markets that have escaped the oversight of regulators.
The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it. But none of the defectors was from Florida. (story here) And below, see the political reaction from Florida.
“As the saying goes, ‘Those who ignore history are doomed to repeat it.’" said Rep. Alan Grayson, D-Orlando. "We are emerging from a severe recession that was on the verge of a depression. This bill aims to prevent that, and that’s why we needed to pass it."
“Once again, the Democrats’ have passed legislation that tramples on the free market and our individual freedoms," said Rep. Connie Mack, R-Fort Myers. "From countless bailouts, a failed stimulus plan, and a proposed government takeover of our health care system, the Democrats’ policies continue to expand the federal bureaucracy and stall our economic recovery."
Democrats saw an avenue to criticize Pinellas County Republican C.W. Bill Young. He "has sent a clear message that corporate special interests matter more than middle class families and small businesses who are hurting on Main Street,” said Jesse Ferguson, Southern Regional Press Secretary for the Democratic Congressional Campaign Committee. “Middle class families who played the rules deserve better than Representative Young taking marching orders from special interests by trying to protect the big banks that got us into this mess to begin with."