Senate vote on Wall Street reform delayed; Collins inclined to vote yes

The Wall Street reform conference report will not
pass until Congress returns from the July 4 recess — during the week of July 12 — Democratic leaders said.

Senate Majority Leader Harry Reid (D-Nev.) told reporters
Wednesday that Senate procedures would not allow him to bring the bill to the
floor on Thursday.

{mosads}Members of the Senate will be away from Washington on Friday
to attend the funeral of Sen. Robert Byrd (D-W.Va.) in Charleston.

“I can’t because I can’t procedurally get to it,” Reid said.

Separately, Sen. Susan Collins (R-Maine) said she’d support the final conference report. She said she appreciated conferees had removed $19 billlion in new taxes on large financial institutions that would have paid for the bill’s costs.

“While the bill is not what I would have written and contains some
provisions that I oppose, on balance I believe that it will lead to
stronger financial institutions, curb the abuses that led to the near
collapse of our financial markets, and improve financial oversight by
creating a council of regulators to identify products, practices, and
financial institutions that pose a systemic risk to our economy,” Collins said in a lengthy statement.

“Based on my initial review of the final version of the conference report, I am inclined to support it.”

Final approval of the legislation was slowed by GOP
opposition to the $19 billion tax on
large financial institutions.

Dodd and other negotiators will now pay for the bill’s costs through a plan to end the Troubled Asset Relief Program
several months before its scheduled expiration.

Democrats hope that will be enough to also win the votes of Sens. Scott Brown (R-Mass.) and Olympia Snowe (R-Maine).

Along with Collins, both Republicans voted for the Senate’s Wall Street reform bill last month.

Brown issued a noncommittal statement on Wednesday.

“I appreciate the conference committee revisiting the Wall Street
reform bill and removing the $19 billion bank tax,” Brown said
in the statement. “Over the July recess, I will continue to
review this important bill.”

Senate Banking Committee Chairman Chris Dodd (D-Conn.) said
that after House approval, the soonest the Wall Street reform could pass the
Senate would be Saturday or Sunday.

He expressed concern that some Republicans who are likely to
vote for the legislation might change their mind if forced to stay in session into the July
4 weekend to get the bill to President Barack Obama’s desk.

Dodd said the House would not likely pass the revised Wall
Street reform bill until Thursday.

— Silla Brush contributed to this story. This story was updated at 1:19 p.m.