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Factbox: Key players in final hurdle for Wall St bill
WASHINGTON |
WASHINGTON (Reuters) - As Congress returns from a weeklong break, Senate Democrats are just short of the votes necessary to win passage of a landmark overhaul of financial regulations.
Two Republicans are likely to back the measure along with 55 Democrats and two Independents, leaving Senate Majority Leader Harry Reid one vote short of the 60 needed to advance legislation in the 100-seat chamber.
Reid hopes a moderate Republican like Olympia Snowe will give him his final vote. Barring that, he might have to wait until next week to give West Virginia time to fill the seat left vacant by the death of Democratic Senator Robert Byrd.
Here are the lawmakers and other officials whose support -- or lack thereof -- will loom large before the Senate votes on the measure.
WEST VIRGINIA GOVERNOR JOE MANCHIN
Manchin, a Democrat, is expected to name a Democrat who backs the financial-reform bill to temporarily fill Byrd's seat. But he will not act until he and other state officials have decided when to hold an election to fill the seat permanently, a process that could last into next week.
Manchin is interested in running for the seat eventually but has said he would not appoint himself as interim senator.
REPUBLICAN SENATOR OLYMPIA SNOWE
Snowe, a moderate from Maine, previously supported the bill on the Senate floor and has been successful in easing its impact on small businesses. She objected when negotiators added a $17.9 billion bank tax to cover the costs of the bill.
The tax was promptly stripped out, but Snowe has declined to say whether she would support the final version.
"It's a big issue, and the most important thing is to make sure we get it right," Snowe told Reuters on Saturday.
REPUBLICAN SENATOR CHARLES GRASSLEY
Grassley, from Iowa, 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 had voted against it in an earlier procedural vote. Spokeswoman Jill Kozeny said he is "very concerned" that the bill covers its nearly $18 billion cost by raising deposit-insurance fees and tapping a bank-bailout fund.
REPUBLICAN SENATOR SCOTT BROWN
A moderate elected in January to fill the seat of the late Edward Kennedy, Brown said on Monday he expects to vote for the bill. He won significant carve-outs for mutual funds, insurers and other industry players in his home state of Massachusetts and his objections led to the removal of the $17.9 billion bank tax.
"It is a better bill than it was when this whole process started," Brown said in a statement. "While it isn't perfect, I expect to support the bill when it comes up for a vote."
REPUBLICAN SENATOR SUSAN COLLINS
Another moderate Republican, Collins of Maine is responsible for the portion of the bill that would require larger financial firms to boost their capital reserves. A former state banking regulator, she previously backed the bill on the Senate floor and said she is likely to support it now that the bank tax has been dropped.
"On balance, based on my initial review of the conference report, I am inclined to support it," she told reporters on June 30.
DEMOCRATIC SENATOR RUSSELL FEINGOLD
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.
(Reporting by Andy Sullivan, Thomas Ferraro and Sarah Mahoney; Editing by Philip Barbara)
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