Monday, July 12, 2010

Wall Street reform bill: One vote away

With Brown, a Massachusetts Republican, Democrats only need one more votes to get around a filibuster. If they get a Democratic replacement for Sen. Robert Byrd, D-W.Va., who died June 28, they would have the 60 votes need to close debate and stop a GOP filibuster of the bill.

The final bill aims to strengthen consumer protection, shine a light on complex financial products, create a new process for taking down giant, failing financial firms, and make them stronger to prevent such failure.

Two weeks ago, congressional negotiators had to reopen their negotiations to change the way the bill paid for itself in order to secure Brown's support.

Brown opposed a proposed tax on banks and hedge funds. Now the bill is self-funding by tapping money unused by the federal bailout program, the Troubled Asset Relief Program (TARP), as well as by charging banks more for the FDIC insurance they buy to protect deposits.

Democrats are also hoping that Sen. Olympia Snowe, R-Maine, will join colleague Susan Collins in voting for the bill. Snowe remains uncommitted on the measure.

Senate leadership expects the Senate to take up the bill later this week, an aide said last week.

Sen. Russ Feingold, D-Wis., has vowed to oppose the bill, saying it doesn't go far enough. That loss combined with Byrd's death, means Democrats can only count on 57 votes from their own party. 

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