Specter's Shift a Boon for Obama Agenda

Sen. Arlen Specter's decision to switch allegiances to the Democratic party could have far-reaching implications for business and the financial markets.

Should Al Franken succeed in his bid for a Senate seat in Minnesota, Specter's shift would allow Democrats to amass a filibuster-proof 60-member majority.

Among the many policy initiatives proposed by the Obama administration that a newly calibrated senate could help press forward are: an overhaul of the healthcare system, stiffer banking regulations, a cap-and-trade plan designed to curtail carbon emissions and a new labor bill. Each of these could potentially impact a range of sectors and industries, from HMOs and drug makers to banking to alternative-energy and old-line manufacturing. ...