Wall Street Reform

[Scott Brown]

I have been reading your thoughts on the Brown Brigade and wanted to address some of your concerns and explain to you my decision to support this legislation. Over the July recess, I once again reviewed the legislation in its entirety to ensure that nothing else had been slipped into the bill that would prevent me from supporting it. After finishing reading it, I decided that while the bill was far from perfect, it was vastly improved from the version we started with at the beginning of this process. In my opinion, it includes important measures that will help prevent another meltdown like the one in 2008 that left millions of Americans out of work and saw our economy take its worst dip since the Great Depression.

While reasonable people can disagree about the details, the vast majority of Americans believe we need to take steps to prevent future taxpayer-funded bailouts of the banks. We had a choice: do nothing, or try to address a real problem that shook the financial foundation of our country.

This bill is not funded through higher taxes, which, as you know, is a non-starter with me anytime, particularly now when nearly one in ten Americans is unemployed and our economy is still struggling. During the conference committee negotiations, a $19 billion tax increase was slipped into the 2,300 page legislation in the dead of night. This was simply unacceptable to me, and I could not support the bill until this tax was removed.

Other helpful provisions in the legislation include:

• An audit of the Federal Reserve to examine the emergency lending that took place during the heart of the financial crisis;

• New requirements that take steps toward ending the "too big to fail" mentality among banks;

• Helps end bailouts so American taxpayers never again have to be on the hook;

• Measures that prevent banks from acting like casinos by eliminating loopholes that allowed risky and abusive practices to go on unnoticed and unregulated;

• Strengthens enforcement of existing laws to stop Bernie Madoff type fraud by Wall Street executives so that American families and businesses are protected;

• Lowers interchange fees for Main Street businesses so they can continue being economic engines in their communities and protect consumers who feel the impact of these increased fees, as much of the cost is often passed onto them.

I agree that we still need to significantly change the way Fannie Mae and Freddie Mac do business, as both played a large part in the financial meltdown and must be addressed in the future. I will continue to push to determine what role these entities had on the financial meltdown and ensure they are held accountable.

As I said when I first came to Washington, I remain committed to reviewing each and every piece of legislation that comes before me and make sure it's good for my state, doesn't raise taxes and helps our economy. As I have done during my short time in office, I will continue to approach each bill in an open-minded manner and review it on its merits rather than its political supporters. At times, you may disagree with my final decisions, but know that each vote I cast is taken after very serious consideration and review of the issue and is with the very best interests of the citizens of Massachusetts and the country first and foremost.

[Samantha Burdick]

I ditto that Senator. Good call, as far I can see. Thanks.

[phil patterson]

Thank you Senator Brown for your well principaled stand on the extended unemployment benefits bill. Without a means to fund this, the bill (in it's current form) is not ready for prime-time. Good Call, I Salute You Sir!

P. Patterson MSgt USAFR (RET)

[Kevin Lee]

To quote Senator Brown:

I agree that we still need to significantly change the way Fannie Mae and Freddie Mac do business, as both played a large part in the financial meltdown and must be addressed in the future. I will continue to push to determine what role these entities had on the financial meltdown and ensure they are held accountable.

You lost your bargaining chip, Scott. The time to fix Fannie and Freddie was before you voted to pass this mess. Obama, Frank, and Dodd don't need you now. They got what they wanted and didn't have to give you anything for it. (Or did they, behind closed doors... hmmm) Do you really think you have any leverage to get things fixed in F&F. I'm sure they're not concerned about your threat to hold them accountable.

The federal government now has unprecedented power over all aspects of our financial lives. What a comforting though. Thanks again, Senator. You should feel so proud.

[Tink]

So disappointed in you. How do you look in the mirror?

[Kevin Lee]

I don't even believe it was Brown that posted the above. It was likely one of his shills. Notice he doesn't have the courage to show his face here now. What a coward! From Patriot to Coward in six short months. Pathetic.

[joshua]

The same creeps that oversee Fanny and Freddy, Barney Frank and Chris Dodd, drafted this disaster of a bill. Neither one of them to this day will accept any responsibility for the housing market crash. Why you trust them with further regulatory power is astounding to me. I suppose your going to tell us that you read and understand all 2300 pages. Stick with Cosmo you big phony.

[joshua]

Rush Limbaugh, Sean Hannity and Mark Levin all mentioned you on their shows today. Mark levin just called you an A-HOLE. I think that's the general consensus.

[joshua]

Thanks for supporting Chris Dodd. Who should be in prison. And thanks for increasing the governments stranglehold on the private sector. Harry Reid must be so proud of you.

[joshua]

What a huge disappointment you are. I was really excited when you were elected and now I'm really excited to vote you out. Gimme my 50 bucks back you creep.

[phil patterson]

As many others have, I did my time (active & reserve; ret 03, 2010). But I do not consider myself in anyway special. I do however find the overall vacuum of leadership that exist today in the D.C. beltway to be very disturbing. In my view, this nation is in danger of loosing it's own moral authority (R.O.E's come to mind; I'll leave it at that...), reaffirmed by the antics of the 'self serving' career-type majority on Capitol Hill (no intended disrespect for the good Sen. and Veteren Brown)...

Respectfully,

P. Patterson MSgt USAFR (RET)