Democrats appeared on Monday to have won the 60 votes they need to move Wall Street reform through the Senate when two Republican Senators announced their support for a conference report.
Rep. Sen. Snowe described the legislation as an aggressive overhaul of the regulatory system that would help ensure the country avoids another financial catastrophe. She said she decided to support the legislation after a thorough review, and noted that the final bill preserved several amendments she had offered to preserve small businesses’ access to capital.
“While not perfect, the legislation takes necessary steps to implement meaningful regulatory reforms, create strong consumer protections and restore confidence in the American financial system,” Snowe said.
Rep Sen. Brown declared his support for the bill after Democrats removed a provision he had opposed in the conference report that would have levied $19 billion in taxes on financial firms.
“I appreciate the efforts to improve the bill, especially the removal of the $19 billion bank tax. As a result, it is a better bill than it was when this whole process started,” Brown said in a statement on Monday. “While it isn’t perfect, I expect to support the bill when it comes up for a vote.”
Most Republicans have criticized the legislation, arguing it doesn’t do enough to end the problem of firms that are viewed as “too big to fail” and that remains silent on regulation of Fannie Mae and Freddie Mac, the two mortgage giants taken over by the government in 2008.
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