Scott Brown, Snowe Will Back Wall Street Bill

AP Photo/Harry Hamburg

Updated 7:05 p.m. Eastern Time

Republican Sen. Scott Brown of Massachusetts has announced he will likely support the Wall Street reform bill.

"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," he said in a statement. "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."

Brown added: "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."

The bill has been imperiled by the June 28th death of Sen. Robert Byrd and the prior defection of Brown and other moderate Republicans, who objected to a $19 billion fee assessed to banks that was inserted in the bill at the last minute.

Democrats need 60 votes to break a Republican filibuster and get the financial reform measure through the Senate. They have already missed a July 4th deadline to get the bill to the president's desk for signature.

Brown joins Maine Sen. Susan Collins in the small group of Republicans planning to vote for the measure. Democrats are currently working to win over Sen. Olympia Snowe, R-Maine, and Sen. Chuck Grassley, R-Iowa, who both appear willing to consider backing the bill. (SEE UPDATE -- SNOWE NOW SUPPORTS BILL)

Democratic Sen. Russ Feingold of Wisconsin plans to oppose the bill for being insufficiently progressive.

UPDATE: Snowe said late this afternoon she will support the bill.

"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," she said in a statement.

But Sen. Ben Nelson, D-NE, who supported the Senate-passed version of the bill, says he is undecided and is still reviewing the conference report.

Without Nelson's support, CBS News Producer John Nolen reports, Senate Majority Leaders Harry Reid is still one vote short of the 60 necessary to clear the procedural hurdles in the Senate.

[saveamerica10]

Unbelievable!!! He campaigned on conservative values and he turns out to be progressive. I think the dems added the 19 Billion tax to banks to use as concession later on. Its kind of like proposing doing away with baseball and increasing your taxes only to give a concession of reinstating baseball to leave "only" another tax increase.

[grammygin]

Thats right bail out wall street again but don't help the poor american people who need to get back to work. Please pass the unemployment extension.

[mickrussom]

F-ing ****** piece of RINO traitor rat vermin America hating freedom hating liberty hating rat vermin SCUM! The Bolshevik scum in the media pain this guy as conservative?!?!?!


SCOTT, this is the last time you F the tea party and get away with it!

Unreal this rat gets away with betraying the Tea Party, but he is form the communist enclave of Taxachusetts.

[RobAla]

To Brown and Snow - bad idea. You really think that a bunch of Washington politicians who are fiscally driving this nation into bankruptcy should "reform" Wall Street? You are living in a fantasy world. What a disaster.

[kingWue]

How he could approve this bill, with the addition of what Waters added, just what we need as taxpayers, 27 new czars for 27 mill, to make sure minorities are hired for Fed jobs. I was alright with this guy till now..

[papayaaaa]

Thank you Senator Brown you do yourself proud, you are a breath of fresh air for having a brain and representing the people of your state.

I am not a Republican I am an Independent and you know what, I could see myself voting for you, Maybe someday you will be President.

[nmgene]

I am begining to think Scott Brown lied throughout his campaign and is reallyI a liberal. I believe any bill presented by any Demacrat is not good for this country. And I wonder, did they read it!!!!!!!!!!!!! Gene

[david4673]

Good for Scott Brown.

I do not agree with all of his stated positions -- but it is refreshing to see a Republican that represents his state more than his party line.

[retm-w]

Wonder why the biggest crooks in the loan business were exempted, the auto dealers.