Daily Tax Update - July 13, 2010

VOTES APPEAR SUFFICIENT TO PASS WALL STREET REFORM CONFERENCE REPORT: With today’s announcement by Sen. Ben Nelson (D-NE) that he would vote for the conference report to the Wall Street reform bill, it appears that Senate Democrats now have the 60 votes needed to assure passage. Nelson said, “Nothing could be more important as Americans are still recovering from the worst financial crisis since the Great Depression. It is in America’s best interests that risks to our financial system are identified and addressed before they threaten our nation’s financial stability again. This bill will restore accountability and confidence in our financial system.”

  • Sen. Olympia Snowe (R-ME) announced yesterday that she would also support the bill. Snowe said, “After thoroughly reviewing the 2,315-page financial regulatory reform conference bill during the July 4 work period, I intend to support passage of the legislation when it's brought before the Senate for consideration. I appreciate [Banking Chairman Christopher] Dodd's efforts during the conference process to successfully preserve the numerous amendments I had included in the initial bill to address the many unnecessary regulatory burdens on small businesses within the Consumer Financial Protection Bureau and preserve small businesses' ability to access capital, particularly through seasonal loans.”
  • Additionally, Republican Sens. Scott Brown (MA) and Susan Collins (ME) have also said they will vote for the bill.
  • The conference report could be brought before the Senate later today. The House passed the conference report on June 30, 237-192.

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