Cochran, Wicker oppose financial reform bill

Sens. Thad Cochran and Roger Wicker, both Republicans, will vote against proposed sweeping federal financial regulatory reforms, joining Rep. Travis Childers in creating unanimous Northeast Mississippi congressional opposition to the measure backed by the Obama administration.

A vote in the Senate is expected late this week. The 2,300-page measure passed the House in late June, 237-192, with Childers opposing it.

Late Tuesday, Wicker issued a statement saying he would oppose the bill because it does not reform agencies that helped cause the economic crisis, including Fannie Mae, Freddie Mac and credit rating firms.

The legislation, he said, will lead to “increased interest rates, tightened credit, and more regulatory burdens on Main Street banks that did not contribute to the economic disaster we experienced in 2008.”