Financial regulation lives! Maybe. Republican Sen. Scott Brown says he'll likely vote for the bank regulation overhaul now that lawmakers have dropped a fee on large banks and hedge funds:
To win Brown's support, Democratic leaders dropped the fee and instead decided to end the bank bailout program a few months early and shift some of the unused funds to cover the cost of the financial regulation bill. In addition, they agreed to raise premiums paid by commercial banks to the Federal Deposit Insurance Corp., whose primary fund serves as a safety net for consumers when their banks fail. Only banks with more than $10 billion in assets would pay the higher premium.
Brown said he reviewed the updated bill over the July 4th recess and appreciated the efforts to shape it more toward his liking, especially by removing the assessments on banks and hedge funds. Still, he said his vote doesn't represent satisfaction with every element of the wide-ranging legislation.
Brown's announcement doesn't quite cinch financial reform. The bill will almost certainly need the support of one of the Maine Republicans to pass.
Read the full story at the Washington Post.