KTUU (NBC): Alaska's U.S. senators split on financial reform vote

ANCHORAGE, Alaska -- Alaska's U.S. senators were split on Thursday's vote for financial reform.

The bill passed the Senate by a vote of 60 to 39. Sen. Lisa Murkowski was a no vote, while Sen. Mark Begich voted yes on the legislation.

The 2,300-page document is expected to end the concept of banks being too big to fail, and adds new protections for millions of consumers.

Murkowski says the legislation isn't what Alaskans expect from Wall Street reform.

"Like the recent overhauls of the health care and student loan industries, this bill represents yet another overreach by the Federal Government," Murkowski said in a statement.

Begich, however, believes the bill will protect Alaskans and taxpayer dollars.

"It ends forever these bank bailout bills, and no tax dollars now and into the future will be used for bailing out any banks or any financial institutions that get into any situation down the road," Begich said. "So that's -- we heard that loud, and clear: ‘Do not use tax dollars to bail them out, just make sure that never happens.'"

President Obama is expected to sign the bill as early as Wednesday.

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Source: By Channel 2 News staff. Originally published July 15, 2010