Many lobbyists say they are watching Obama’s former presidential rival — perhaps the most unusual of the unusual suspects — because he’s engaged in a heated Arizona Republican primary with former Rep. J. D. Hayworth. Financial observers have concluded that McCain’s vote will depend entirely on his analysis of how it plays among Arizona primary voters.
“If McCain decides that doing this will help him beat J.D. Hayworth, he’ll do it,” says one.
McCain formed an unlikely alliance with Sen. Maria Cantwell (D-Wash.) to propose reinstating the Depression-era Glass-Steagall Act, which separated commercial banking from investment banking. That law was repealed in the late 1990s, and many critics say it allowed for the growth of mammoth and risky investment banks. Fully reinstating the law would be further than the Obama administration has proposed.
But for now, Wall Street can breathe easy. Asked if he or other Republicans might vote for the bill, McCain offered a terse “no” and stepped quickly into an elevator.