Tags: US | Financial | Overhaul

GOP Senator Brown Backs Financial Reform Bill

Monday, 12 Jul 2010 12:37 PM

 

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Republican Sen. Scott Brown of Massachusetts helped move sweeping financial legislation closer to passage Monday, announcing that after some misgivings he will support the regulatory overhaul after all.

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 Sens. Olympia Snowe, R-Maine, and Charles Grassley, R-Iowa, who supported an earlier Senate version of the bill.

Grassley has said he has concerns about the way the bill covers about $19 billion in implementation costs.

Sen. Majority Leader Harry Reid also was considering waiting until W.Va. Gov. Joe Manchin, a Democrat, names a replacement for the late Sen. Robert Byrd. That could delay the bill's passage beyond this week.

With Collins and Brown, the bill now appears to have the support of 59 senators. Manchin's appointment would be expected to vote for the legislation.

Brown won concessions in the bill and said Monday that the legislation "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," he said in a statement. "It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes."

Most Republicans have lined up against the bill.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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