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Nelson votes in favor of banking bill trashed by liberal Democrats

Bill Nelson

@alextdaugherty

Florida Democratic Sen. Bill Nelson voted against the majority of his party on Tuesday, joining Republicans to pass a bill that eases regulations on banks. 

The Senate bill sponsored by Idaho Republican Mike Crapo lessens oversight requirements on banks that hold between $50-250 billion in assets. Every Republican present, including Marco Rubio, voted in favor of the bill while 16 Democrats and independents who caucus with Democrats voted with Nelson and the Republicans to pass it with 67 votes.

A host of Democrats with 2020 presidential ambitions, including Massachusetts Sen. Elizabeth Warren, have said the bill could have dangerous financial implications for the nation's markets. 

Proponents of the bill say it reduces the regulatory burden on financial institutions while maintaining oversight of the nation's biggest banks. 

Nelson, a moderate Democrat, is up for reelection this year but doesn't face a serious primary challenge from the left. Gov. Rick Scott is expected to announce if he'll challenge Nelson after the current legislative session wraps up in Tallahassee. 

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