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Grassley Changes Mind, Votes Against Finance Reform Bill He Previously Co-Sponsored

Posted: Wednesday, July 21st, 2010 at 6:22 am

Senator Charles Grassely has voted against a Wall Street reform bill he previously co-signed with Democratic Minnesota Senator Al Franken. Grassley told KCII the bill had been “gutted and replaced with a mirror study” that doesn’t prevent credit rating agencies from playing favorites when valuing assets.  He said Goldman Sachs and other financial entities wanted the bill to pass, which made him question whether the legislation was strong enough.  Senator Franken voted for the bill, which has passed both the U.S. House and Senate and waits for President Barack Obama’s signature to become a law.