As of July 1, congressional leaders of financial reform legislation (H.R. 4173) appear short of the 60 votes necessary to invoke cloture and bring the conference report up for floor consideration in the Senate. The House of Representatives adopted the measure on vote of 237-192 on June 30.
Senate Majority Leader Harry Reid (D-NV) has indicated final action on the bill will be delayed until Congress returns from its Independence Day recess the week of July 12.
While Sen. Susan Collins (R-ME) recently announced she would vote with Democrats in support of cloture, it is estimated that at least two more Senators are needed. Complicating efforts is the recent death of Sen. Robert Byrd (D-WV), which has removed a Democratic vote in favor of proceeding to floor consideration.
West Virginia Governor Joe Manchin (D) could potentially appoint Byrd’s successor during the recess. If his successor and Sen. Collins support the bill, one more Republican will be needed to reach 60 votes. The support of Sen. Maria Cantwell, who has not officially announced her intentions on the bill, would also be needed.
According to Congressional sources, Senate Democratic leaders continue to court Sens. Scott Brown (R-MA), Charles Grassley (R-IA) and Olympia Snowe (R-ME) all of whom have remained open to voting in favor of cloture.
The measure contains provisions of significant concern to the manufactured housing industry. Specifically, the legislation creates a new independent Bureau of Consumer Financial Protection within the Federal Reserve to establish and enforce new regulations governing mortgages and other financial products.
Manufactured and modular home retailers and brokers would specifically be excluded from the scope of the new agency.
MHI members can contact Jason Boehlert at jboehlert@mfghome.org.
