Breaking news out of Washington DC today as Senate Republicans have announced they will not block debate of the Senate banking reform bill that has been at the subject of much controversy and debate over the last few months.
The bill, which is spearheaded by embattled Connecticut Senator Chris Dodd (D), had many Republican Senators concerned about the increased role government would have in banking, especially around the concept of “Too Big to Fail” Banks. Dodd and Republican Senator Richard Shelby, the Ranking Republican on the Banking Committee, have been in talks about this particular issue, and it appears Republicans may gain a seat at the table.
This is a wise move for Senate Republicans, who are now going to be able to potentially bring real solutions and fiscally responsible strategies we’ve proposed into the debate over the banking bill. However, it remains to be seen if this is just another empty promise given by Democrats in an attempt to ram another bill through Congress.
In other news, this time out of Florida, tomorrow will bring the announcement of former GOP rising star and FL Governor Charlie Crist on if he will remain a Republican in the race. Many are speculating that Crist will run as an independent after an influx of out-of-state cash and resources boosted Marco Rubio, the social fundamentalist candidate, to the frontrunner of the GOP race. Before then, many felt the race was in Crist’s pocket. Now, if Crist runs as an independent, he could win—and many of his top Republican supporters seem to be urging him to. If this happens, this race would become dangerously divided with a Republican Senate seat up in the air; once again allowing outside extreme factions to come in and hijack the races from the constituents who should decide it.
RMC will continue to update you as news develops.