July 12th, 2010
07:46 PM ET
4 years ago

Wall Street reform bill: Final vote soon

Sen. Olympia Snowe signaled Monday that she will vote for the Wall Street reform bill.
Sen. Olympia Snowe signaled Monday that she will vote for the Wall Street reform bill.

Washington (CNNMoney.com) - Two key senators announced announced their support for the Wall Street reform bill Monday, placing Senate Democrats days away from winning the final vote to passing the most sweeping set of changes to the financial system in decades.

Top Senate Democrats say they have the 60 votes needed to pass the Wall Street reform bill this week.

"It is a better bill than it was when this whole process started," Sen. Scott Brown, R-Mass., said in a statement. "While it isn't perfect, I expect to support the bill when it comes up for a vote."

Sen. Olympia Snowe R-Maine told democrats that she would vote for the bill, two sources told CNN Monday.

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.

Senate leadership expects the Senate to take up the bill later this 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.


Filed under: Olympia Snowe • Scott Brown • Wall Street
soundoff (16 Responses)
  1. Whatever is in the reform bill.....

    will be gotten around in new ways. Do you think that people who are capable of making the big bucks can't get around Obama's childish
    regulations? Think again.

    Obama more and more reminds me of Chauncey Gardiner in "Being There," Chauncey would definitely have escalated the Afghan war and then immediately announced withdrawal dates. Obama is a man child.

    July 12, 2010 07:56 pm at 7:56 pm |
  2. GI Joe

    We'll just have to tax the big corporations later – when we get serious about reducing the deficit - AND THE BONUSES.

    July 12, 2010 07:59 pm at 7:59 pm |
  3. Not fooled

    Scott Brown and Olympia Snowe have proven that are there to do the right thing. They are brave and we thank them. The rest of the sheep just follow their leader.

    July 12, 2010 08:45 pm at 8:45 pm |
  4. jules sand-perkins

    Notice how these enlightened Republican senators tend to come from the Northeast? Olympia Snowe...Scott Brown...
    I love the way they think clearly!

    July 12, 2010 08:53 pm at 8:53 pm |
  5. A keen observer

    Senator Feingold is acting like a spoiled brat. No wonder Congress cannot accomplish anything. Too many of our representatives are acting like children.

    July 12, 2010 08:57 pm at 8:57 pm |
  6. Lisa Jo

    Way to go, Russ!

    I can't tell you now happy I am that Russ Feingold is my senator!

    No Glass-Steegal, no stopping big banks from gambling with our money. It's not worth voting for.

    July 12, 2010 08:59 pm at 8:59 pm |
  7. Charlie in Maine

    Thank you Sen Snowe. Iwas beginning to thnk you had abbandon your independence when the Tea Party took ovr the GOP platform I heard nothing from you except a series of disturbing "No" votes on crucial issues.

    July 12, 2010 09:04 pm at 9:04 pm |
  8. Four and The Door

    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.
    _______________________________________________________
    I guess it is self-funding if that means it comes out of the pockets of taxpayers and bank depositors. There's no free lunch here. This money is sucked from Main Street where I guess all the suckers live.

    I thought Joe Biden was looking out for Main Street people, Joe? Anyone heard from Joe?

    July 12, 2010 09:04 pm at 9:04 pm |
  9. Willy Brown

    Snowe please for th esake of the republican party change your coat and become a democrat!

    July 12, 2010 10:01 pm at 10:01 pm |
  10. vwrtb

    Good paying jobs please... Can we all get on the same page...

    July 12, 2010 10:23 pm at 10:23 pm |
  11. vwrtb

    Glad to know my tax dollars are going to wall street again! Good job republicans... Maybe next you can ask Nike how to create good paying American jobs! Idiots!

    July 12, 2010 10:28 pm at 10:28 pm |
  12. Victim of GOP Taliban

    3 Republican Senators with a backbone? Only because all 3 are in liberal-leaning states.

    July 12, 2010 10:32 pm at 10:32 pm |
  13. Capsaicin

    Glad the bill is going to be passed, finally, and glad their is a tiny bit of GOP support–this will make the rest of the GOP look pretty bad if they continue the all-but-3 against.

    On the other hand, I hope Feingold comes out in a fury and proposes a supplemental bill that closes the biggest of loopholes in this bill and then the Dems dare the GOP to kill it too.

    Dems need start pushing for a public fight on select issues for a change, and the finance reform loopholes and a monster jobs bill are what they need to push.

    July 12, 2010 11:14 pm at 11:14 pm |
  14. snow

    olympia snowe is a RINO and scott brown is becoming one. It is time for both of them to be sent home for good.

    July 12, 2010 11:41 pm at 11:41 pm |
  15. Leslie

    This sounds like another watered-down bill to please the corporation supporting, selfish, Republican party!

    July 13, 2010 12:06 am at 12:06 am |
  16. J.V.Hodgson

    Good this bill needs passing.
    What is so frustrating is that any legislation needs 60 votes to pass. America needs a system where what is needed to pass legislation is to get to a simple majority vote or propose concrete amendments, that get past committee review ( to eliminate the frivilous) 3 weeks to define and 1 week for comittee(s) review(s) and those stand or fall on up and down majority votes . If its a good idea the amendment will pass on a majority basis. It's a sort of meaningful filibuster and you have 3 weeks from final bill the party in power wishes to propose to come up with amendents and Oh and just so the back office guys do not go mad if the amemdment has other repercussions these are tabled as one amendment, and if it fails those sections/ articles clauses are then automatically excluded from further amendment proposals. Amendments must of course be substantive and not just say, petty semantics.
    Regards,
    Hodgson.

    July 13, 2010 12:41 am at 12:41 am |