...on FinReg (and other legislation) may be foreshadowing an end to the Republicans' "Party of No" strategy. Why? Because after the concessions Brown received for his constituents on FinReg, other Republican donors are bound to start asking their representatives in Congress, "Where's mine?"According to an article in yesterday's Wall Street Journal, "Finance Bill Close to Passage in Senate":
Cognizant that Democrats needed some Republican support to push the bill into law, the White House agreed to multiple changes in recent months.
To win [Scott] Brown's support, Democrats limited the bill's impact on asset-management and mutual-fund companies, such as Massachusetts-based State Street Corp. and Fidelity Investments, specifically a provision that curbs institutions' ability to make financial bets with their own money. They also scrapped a levy on large banks and hedge funds designed to pay for potential costs incurred by the bill—reopening the bill after it was technically closed to tinkering when Mr. Brown made a stink.
So in other words, by negotiating with the majority party, by participating in the legislative process (like Congress used to do back in the day), Senator Brown was able to help craft the bill and get carve-outs for his constituents. Imagine that!
So how long will it be before other Republican donors start telling their Senators and Representatives to stop all this silly "Party of No" business and get in there and fight for us? Certainly not until after the midterms in November. But if the GOP doesn't take back at least the House, look for Republican donors to start putting pressure on their representatives in Washington.
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