Factbox: Key players in final hurdle for Wall St bill

(BestGrowthStock) – U.S. Democratic lawmakers will need at least some Republican support to pass a sweeping rewrite of financial regulations through Congress.

Democrats stripped out an $18 billion bank tax from the bill to satisfy the concerns of a handful of moderate Republicans in the Senate, where they are several votes short of the 60 needed to overcome an expected procedural hurdle.

Here are the lawmakers and other officials whose support — or lack thereof — will loom large before the Senate votes on the measure sometime in mid-July.


A moderate elected in January to fill the seat of the late Edward Kennedy, Brown has previously supported the bill on the Senate floor and won significant carve-outs for mutual funds, insurers and other industry players in his home state of Massachusetts.

Brown said he was pleased that Democrats dropped the bank tax, and said he would review the bill before deciding whether to support it.

“It’s morphed into something different than it began with and I think it’s appropriate to read it,” he told reporters.


Snowe, another New England moderate from Maine, also has previously supported the bill on the Senate floor and had been successful easing its impact on small businesses. Like Brown, she objected to the tax and said she was pleased that it has been removed.

Snowe said she was still studying the bill but that it was “a possibility” that she would support it.

“We’re just trying to work it out, and I am sure we will be able to, but it’s important to get it right,” she told Reuters.


Another moderate Republican from Maine, Collins is responsible for the portion of the bill that would require larger financial firms to boost their capital reserves. The former state banking regulator previously backed the bill on the Senate floor and said she is likely to support it now that the tax has been dropped.

“On balance, based on my initial review of the conference report, I am inclined to support it,” she told reporters.


Cantwell, of Washington state, was one of two Democrats to vote against the Senate’s version of the bill in May, on the grounds that it was not tough enough on derivatives regulation. She said she is studying the final version and has not yet determined whether to support it or not.

“We want to see what the final language is,” she told Reuters. “There is stuff that they added on clearing requirements that are very important to me.”


Grassley’s support of the bill has been less consistent than the other Republicans mentioned here. He was the lone member of his party to vote for tough derivatives regulations drafted by the Agriculture Committee, and he voted for final passage on the Senate floor. But he also voted against it in an earlier procedural vote. Grassley’s office has said he has not yet decided how to vote.


One of the most liberal members of the Senate, Feingold has said the bill does not do enough to prevent future crises and he voted against it on the Senate floor. His position remains unchanged, though he said the final version contains some improvements.


Manchin, a Democrat, is expected to name a Democrat to replace Robert Byrd, who died on Monday, in the Senate. But he is not expected to act until the memorials for Byrd conclude next week.

Manchin is seen as as a likely candidate in the November 2012 election to fill Byrd’s seat. He is expected to name someone without political ambitions of their own to hold the seat until then.

(Reporting by Andy Sullivan and Corbett B. Daly; Editing by Cynthia Osterman and Chizu Nomiyama)

Factbox: Key players in final hurdle for Wall St bill