WASHINGTON — Sen. Thad Cochran (R-Miss.) has voted against an effort to limit debate and move toward a final vote on a financial regulatory reform bill, a measure he believes will adversely affect local businesses that offer credit to their customers.
Cochran voted against a cloture motion to the Financial Stability Act (S.3217). The Senate voted 57-42 to defeat the motion, which required 60 votes to move the bill toward Senate passage. Senate debate on the 1,400-page bill is in its fourth week, with only 32 of 362 amendments having received a vote.
“I did not support the financial reform bill as it was presented on the floor of the Senate, and I am disappointed that the amendment process has not produced the changes necessary for me to support it,” Cochran said. “Mississippians are making it clear to me that they are concerned that regulations in this bill will restrict the availability of capital and negatively affect their ability to do business and create jobs. I share their concerns. I have supported amendments intended to keep the focus on reforms needed on Wall Street and not on the farmers, local businesses and other credit organizations that are important to the economy of a rural state like Mississippi.”
Cochran, for example, cosponsored an amendment by Senate Agriculture Committee ranking member Saxby Chambliss (R-Ga.) to ensure that derivatives reforms and safeguards were focused on the largest swap market participants. This proposal was defeated, leaving in place a Democratic-backed plan establishing strict mandatory exchange trading requirements on all derivative trades, including those made by Mississippi businesses and local banks that use the derivatives market to manage their risks.