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MA Sen. Scott Brown To Support Bank Regs Bill

Senate Votes On Wall Street Regulatory Reform Bill

Sen. Scott Brown (R-MA). Mark Wilson/Getty Images North America hide caption

itoggle caption Mark Wilson/Getty Images North America

Sen. Scott Brown (R-MA) is the latest Republican to offer support for the financial regulation bill.

"I've spent the past week reviewing the Wall Street reform bill," he said in a statement. "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.

Lawmakers are covering the budget costs of the bill by ending the financial industry bailout program known as TARP, and increasing the cost of bank premiums for federal deposit insurance, NPR's Audie Cornish reports.

Democrats need only a simple majority to approve the conference report and send the bill to the president's desk, but they are still officially short 60 votes to overcome the threat of a G.O.P. filibuster.

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