Franken credit rating amendment agreed to by the Senate

[Modbert]

MinnPost - D.C. Dispatches: Franken credit rating amendment agreed to by the Senate

WASHINGTON — Al Franken completed a rare procedural maneuver today when his credit rating agency amendment was agreed to by the Senate on a 64-35 vote.

As we detailed in this space on Monday, Franken was able to get his first Republican cosponsor — Roger Wicker of Mississippi — through the simplest (and rarest) method of persuasion, speaking on the Senate floor about the benefits of his legislation. A handful of veteran reporters and Senate staff I informally surveyed said they hadn't seen that done in more than 10 years.

Franken's measure would create a new federal commission to assign credit rating agencies to do the initial rating for a new financial product, either randomly or through a semi-random formula that weights previous performance, so that Wall Street firms aren't hiring the firms that rate their products (and, potentially, shopping around for the firm that will give them the best rating). More details of the proposal can be found here.

"My proposal wasn’t conservative, or liberal, or even moderate," Franken said. "It was just plain common-sense. That’s why I had the support of colleagues on both sides of the aisle and why we were able to win today."

Iowa Republican Chuck Grassley came on board next and, eventually, they were among 10 Republicans to vote for Franken's amendment. Just five Democrats voted against it.

No one officially keeps track of this stuff (so full disclosure that this is anecdotal record keeping) but I asked some of the long-timers and staff in the Senate Press Gallery if any of them could remember the last time a Senate floor speech actually changed the directon of an amendment like Franken's did — taking it from an procedural no-hoper to approval.

The most recent one that anyone could come up with was when Illinois Democrat Carole Moseley Braun did it during her single term in the Senate, which ended in 1998.

Another great move from Senator Al Franken!

 

[WillowTree]

al franken sucks as much as you do moron.

 

[Sarah G]

MinnPost - D.C. Dispatches: Franken credit rating amendment agreed to by the Senate

WASHINGTON — Al Franken completed a rare procedural maneuver today when his credit rating agency amendment was agreed to by the Senate on a 64-35 vote.

As we detailed in this space on Monday, Franken was able to get his first Republican cosponsor — Roger Wicker of Mississippi — through the simplest (and rarest) method of persuasion, speaking on the Senate floor about the benefits of his legislation. A handful of veteran reporters and Senate staff I informally surveyed said they hadn't seen that done in more than 10 years.

Franken's measure would create a new federal commission to assign credit rating agencies to do the initial rating for a new financial product, either randomly or through a semi-random formula that weights previous performance, so that Wall Street firms aren't hiring the firms that rate their products (and, potentially, shopping around for the firm that will give them the best rating). More details of the proposal can be found here.

"My proposal wasn’t conservative, or liberal, or even moderate," Franken said. "It was just plain common-sense. That’s why I had the support of colleagues on both sides of the aisle and why we were able to win today."

Iowa Republican Chuck Grassley came on board next and, eventually, they were among 10 Republicans to vote for Franken's amendment. Just five Democrats voted against it.

No one officially keeps track of this stuff (so full disclosure that this is anecdotal record keeping) but I asked some of the long-timers and staff in the Senate Press Gallery if any of them could remember the last time a Senate floor speech actually changed the directon of an amendment like Franken's did — taking it from an procedural no-hoper to approval.

The most recent one that anyone could come up with was when Illinois Democrat Carole Moseley Braun did it during her single term in the Senate, which ended in 1998.

Another great move from Senator Al Franken!

This is how it should work. I like Franken, he was a class act all those months that his seating was delayed.

 

[rightwinger]

"My proposal wasn’t conservative, or liberal, or even moderate," Franken said. "It was just plain common-sense. That’s why I had the support of colleagues on both sides of the aisle and why we were able to win today."

Good job by Franken

Showing that the people of Minnesota made a wise choice

 

[Claudette]

I like the fact that this was a bi-partisan victory.

The Clowns can work together and accomplish some good things when they want to.

I've never been a Franken fan but Common Sense always impresses me and I don't care which party exhibits it.

 

[George Costanza]

al franken sucks as much as you do moron.

Golly, I always thought Al Franken was a pretty good guy and is doing a good job so far.

I see by your well thought out and skillfully presented post here, that I am incorrect. Oh, well . . .

 

[rightwinger]

al franken sucks as much as you do moron.

Golly, I always thought Al Franken was a pretty good guy and is doing a good job so far.

I see by your well thought out and skillfully presented post here, that I am incorrect. Oh, well . . .

But Willow tries.....SO HARD!

 

[EriktheRed]

al franken sucks as much as you do moron.

What you just said shows just how good a job he's doing.


Sure does suck to see how he's proving himself to not be the clown some GOP Senators were trying to paint him as, huh?

 

[theDoctorisIn]

I expect good things from him.

 

[DavidS]

al franken sucks as much as you do moron.

Still up to your old tricks, Willow?