Dems Hit 60 On Wall Street Bill

Democrats appeared on Monday to have won the 60 votes they need to move Wall Street reform through the Senate when Republican Sens. Olympia Snowe (Maine) and Scott Brown (Mass.) announced their support for a conference report.

Democrats already had commitments from 57 of their members, and Maine Republican Sen. Susan Collins had said before the July 4 recess that she was inclined to vote for the conference report.

The decisions by Snowe and Brown mean Democrats will not have to wait for West Virginia Gov. Joe Manchin (D) to name a successor to the late Sen. Robert Byrd, who died two weeks ago, in order to send the Wall Street reform bill to President Barack Obama’s desk.

The 2,315-page conference report is the second major legislative overhaul, after healthcare reform, that has been approved by the Democratic Congress. The legislation aims to prevent future taxpayer-funded bailouts; would boost regulation over credit cards, mortgages and other products; regulate the $600 trillion derivatives market; and increase oversight of broad financial system risks, among other measures.

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.

More here>>