McCain Plays Politics: S. 109 is a Red Herring

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.

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3 Responses to McCain Plays Politics: S. 109 is a Red Herring

  1. etech says:

    The Senate bill was replaced by the House bill H.R. 1461 [109th]: Federal Housing Finance Reform Act of 2005

    Chris Dodd the democratic chairman let it die in committee.

    Look up how much money Fannie Mae and Freddie Mac donated to Chris Dodd.

  2. ipotter says:

    The bill was reintroduced in 2007 and again met its fate in a democratic controlled Senate Banking Comittee. In 2005, the republican majority in the Senate Banking Committe what not a substantial majority, and with three of the bills sponsors on the committee, it’s likely to have passed given the democrats on the committee would support it. But who knows if it was ever even discussed by the committee?

  3. […] "forgot" to limit executive bonuses when they passed the bailout? TOTAL BULLSHIT! S.109 was proposed by Chuck Hagel. It was not filibustered by Democrats. It DIED in committee. The […]

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