Today, Senator Ben Nelson (D-NE) “announced that he will vote for the final Wall Street reform legislation before Congress to end bank bailouts and protect Nebraskans from the reckless behavior that nearly pushed the American economy into a second Great Depression,” according to a press release.
(credit image – daylife/associated press)
Majority Leader Harry Reid (D-NV) "released the following statement this evening following announcements of support for Wall Street accountability legislation from Republican Senators Olympia Snowe, Susan Collins and Scott Brown," according to a press release.
“Nevada families are one step closer to being protected from the reckless behavior on Wall Street that cost America millions of jobs and pushed our economy to the brink of collapse. I commend Senators Snowe, Collins and Brown for standing up for middle-class families and supporting strong accountability for Wall Street banks. Despite the difficult political climate, these Republicans have joined Democrats to support these common-sense protections for consumers, investors and financial institutions that will help prevent another financial crisis.
“We will finish our work on this bill this week to ensure that these critical protections and accountability for Wall Street are in place as soon as possible.”
(credit image – washingtonpost)
Two key U.S. Senators “said on Monday they had not yet decided whether to back a landmark rewrite of U.S. financial regulations but a third pledged support for the legislation,” Reuters reports.
Democratic Senator Ben Nelson said he has not yet committed to vote for the bill, while Republican Senator Olympia Snowe added that she had "not yet" decided how to vote on it.
In addition, Republican Senator Susan Collins, who previously had indicated an intention to support the bill, said definitively she would vote for it despite some reservations about certain provisions in the legislation.
Update: In a press release statement issued moments ago, Senator Snowe said she would support the bill.
“To ensure we avoid another financial catastrophe such as the one that plunged our nation into the worst recession since the Great Depression, it is imperative that we implement an aggressive overhaul of the American financial regulatory system. And this effort must include real and substantial consequences for those whose reckless actions caused the crisis in the first place while guaranteeing the transparency and accountability of taxpayer dollars. After thoroughly reviewing the 2,315-page financial regulatory reform conference bill during the July 4 work period, I intend to support passage of the legislation when it’s brought before the Senate for consideration. I appreciate Chairman Dodd’s efforts during the conference process to successfully preserve the numerous amendments I had included in the initial bill to address the many unnecessary regulatory burdens on small businesses within the Consumer Financial Protection Bureau and preserve small businesses’ ability to access capital, particularly through seasonal loans. 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.”
(credit image – daylife/getty)
Senator Scott Brown (R-MA) “says he will support a sweeping financial regulatory bill, moving the bill closer to the 60 votes it needs to ultimately win final approval,” the AP reports.
Brown joins Sen. Susan Collins of Maine as two crucial Republican votes for the legislation.
Democratic leaders were still looking to secure the 60 votes needed to overcome procedural hurdles. They were awaiting word from Republican Sens. Olympia Snowe of Maine and Charles Grassley of Iowa, who supported an earlier Senate version.
Brown won concessions in the bill and said Monday that the legislation ”is a better bill than it was when this whole process started.”
(credit image – daylife/associated press)
It is “still possible” that the Senate could “consider a sweeping rewrite of financial regulations this week, a Democratic spokeswoman said on Monday in a statement that suggested the overhaul might face further delay,” Reuters reports.
"It is still possible we could consider it as early as this week," said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid.
Reid is expected to pick up another Democratic vote when West Virginia Governor Joe Manchin appoints a successor to fill the seat of the late Senator Robert Byrd. But that might not happen until next week as officials in that state sort out election plans.
(credit image – the atlantic wire)