Update 2: Susan Collins says she can support the bill if the bank tax is removed:
"The bill is not perfect. But I believe if you take out the new bank tax that, on balance, it would improve our financial system and I would support it," Susan Collins told reporters in a Capitol hallway.
Sure thing, Lucy.
Update: Politico has more on this. It appears the conference committee will definitely re-open,to find a different funding source for the bill instead of the $19 billion bank tax:
In an extraordinary move aimed at winning over reluctant Republican senators, the top Democratic negotiators on the Wall Street reform bill will reopen the conference committee Tuesday to swap out a controversial $19 billion tax on big banks, according to House and Senate aides.(...)
Senate Banking Committee Chairman Chris Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.) are considering replacing the tax by tapping unused TARP funds and raising the Federal Deposit Insurance Corporation premium ratio, sources said.
The Politico story above suggested that a 2pm meeting of the conference committee was possible, but I am hearing that isn't happening.
More updates as they come. Original story below.
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While nothing is definite, it is looking increasingly likely that the Wall Street reform bill will head back to conference committee for further alterations. Latest developments:
- Scott Brown has sent a letter to Barney Frank and Chris Dodd saying that he will vote against the final bill if it contains the $19 billion bank assessment / tax. It is unclear if he has also closed the door on voting for cloture, but this still doesn't look good.
- House Majority Leader Steny Hoyer is now being vague on when the vote on the final bill will take place. This is a strong sign that Democrats are seriously considering going back to conference committee. This morning, I heard they were either going to schedule a vote, or go back to committee.
- Senate #3 Chuck Schumer says "nothing definitive yet," but is demurring when asked if the bill will pass this week. Passage by the end of this week had been a long-standing goal.
Most signs are now pointing to re-engaging the conference committee. If a bill is not passed this week, it will not be passed next week either, as Congress is on break. On the other hand, it should allow for Senator Byrd's replacement to be in the Senate, as s/he will not be named until after Byrd's funeral this Friday.
Even with Senator Byrd's replacement, Democrats will need four of the following eight votes to pass the bill: Bayh (IN), S. Brown (MA), Cantwell (WA), Collins (ME), Feingold (WI), Grassley (IA), Lugar (IN) or Snowe (ME). Feingold and Lugar are probably the least gettable votes in that group, while Bayh and Cantwell are probably the most gettable. So, in more detail, we are looking at two votes from Grassley and the New England Republican triumvirate.
At this point, getting Bayh, Cantwell, Snowe, Grassley and Collins might be the only way to avoid returning to conference committee. Possible, but difficult.
If the conference committee is re-opened, hopefully, Feingold will actually it this time around, and take some leverage away from Presidents Snowe, Collins and Brown.
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