People vehemently say that McCain was a champion of regualtion despite his voting record and point to S. 109, a bill introduced in 2005. The bill was introduced by Charles Hagel on the Senate floor and several months later, after it had gone to the Senate Committee on Banking, Housing and Urban Affairs, McCain announced a in brief speech in the Senate that he was a co-sponsor of the bill.
People argue that it was over the valiant efforts of Republicans, particularly McCain, that the bill was defeated by the Democrats. The first thing that struck me as odd about this is that McCain stood up for the bill only after it had been in committee for several months and no action had been taken. He then said absolutely nothing about the bill.
Could the Democrats have blocked the bill in committee? This seems like an odd thing to say of the minority party. The Committee on Banking, Housing and Urban Affairs was chaired by a Republican and Republicans held a clear majority of the seats on the committee.
I found the committee’s rules of procedure for the year 2005 and the Republican chairman alone, without any vote could have launched an investigation into the financial trouble of the day that the bill was supposed to address. There was no investigation.
According to the rules the Democrats were powerless to block anything coming out of the committee to be voted on by the Senate but the was no such vote. All it took for the bill to get out of committee was a majority, which was held by Republicans. Instead the Republicans on the committee amended the bill in a way I have not been able to discover. It was reported to the floor where it was never even voted on.