Coy no more. Sen. Scott Brown (R-MA) says he expects to vote for the Dems’ Wall Street reform bill.
“While it isn’t perfect, I expect to support the bill when it comes up for a vote,” reads a statement from Brown’s office. “It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes.”
By remaining undecided, Brown and other Republican moderates forced Dems to put off passing the Wall Street reform bill and sending it off to the White House until after the July 4 recess. That’s a familiar pattern: Senate Republican leaders have pushed swing vote Republicans to at least delay passage of Democratic initiatives.
Brown now gives Dems 59 votes. They’ll still need both Maine senators if they hope to pass the bill before West Virginia governor Joe Manchin appoints a replacement for Robert Byrd. One of them, Susan Collins, has indicated her support, but Dems are still shy one commitment: Olympia Snowe. According to Senate leadership, a vote on the final legislation could come as early as this week. You can read the entire statement below the fold.
I’ve spent the past week reviewing the Wall Street reform bill. 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. While it isn’t perfect, I expect to support the bill when it comes up for a vote. It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes. That doesn’t mean our work is done. Further reforms are still needed to address the government’s role in the financial crisis, including significant changes to the way Fannie Mae and Freddie Mac operate.
