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From the staff of the Tampa Bay Times

Nelson, LeMieux split vote on financial reform

15

July

Florida's senators stuck with their respective parties on today's vote on the toughest regulatory measures on Wall Street since the Great Depression, an effort to prevent another economic meltdown.

Democrat Bill Nelson voted for it; Republican George LeMieux voted against. The bill had already passed the House, and now heads for President Obama's signature.

It gives the government new powers to break up teetering companies which, if allowed to fail, would threaten the economy; creates a new agency to protect consumers in their financial transactions; shines a light into shadowy financial markets that have escaped the oversight of regulators.

The new regulations, many still to be written, do not go as far as some want and were seen as too much by others. Republicans argued that it represented another government intrusion into private business and will cost jobs.

Only three Republicans voted for the bill - Maine Sens. Olympia Snowe and Susan Collins, and Massachusetts Sen. Scott Brown. Democratic Sen. Russ Feingold of Wisconsin, who has said the bill is not tough enough, voted with most Republicans. (more here)

Here is a video of LeMieux saying why he opposed the legislation:

[Last modified: Thursday, September 9, 2010 11:13am]

    

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