Financial Reform On Friday?!? Thank You Ben Nelson

by Stuart Shapiro

Ben Nelson announced today that he is going to vote in favor of cloture on the debate on the financial reform bill on the Senate.

“I will support the Wall Street reform bill to end bailouts, add common sense consumer protections and make sure that Nebraska Main Street businesses are not adversely affected as we rein in recklessness on Wall Street,” Nelson said in a prepared statement.”

Hallelujah.  While we should be thrilled that this imperfect but good bill will get passed, I can’t help but marvel at the power of Ben Nelson.  Reportedly he was holding his vote up in order to ensure that Elizabeth Warren is not named the head of the new Consumer Protection Bureau.  At some point the Democrats have to show the courage to take on the filibuster (hopefully by actually making opponents of a popular bill — I don’t know — actually filibuster it) so that they are no longer so dependent on Nelson Lieberman and the New England Republicans to pass legislation.

By: Stuart Shapiro

Stuart is a professor and the Director of the Public Policy
program at the Bloustein School of Planning and Public Policy at Rutgers
University. He teaches economics and cost-benefit analysis and studies
regulation in the United States at both the federal and state levels.
Prior to coming to Rutgers, Stuart worked for five years at the Office
of Management and Budget in Washington under Presidents Clinton and
George W. Bush.