Snowe noncommittal but optimistic on financial regulatory reform bill

Maine Republican Sen. Olympia Snowe thinks the Senate can reach a bipartisan agreement on a financial regulatory reform bill. 

"I think that there isn't much of a gap in disagreement on the questions," Snowe told reporters after her Monday meeting with Treasury Secretary Tim Geithner. 

Snow said she had a "very constructive and frank meeting" and it was "very encouraging." 

Sen. Susan Collins (R-Maine) had similar sentiments after her meeting today with Geithner, noting the issues of 'too big to fail' and her opposition to the $50 billion fund to help financial firms unwind if they fail. Treasury and the White House have voiced opposition to the account, calling it a 'moral hazard' that could send a signal to firms that they could get government help even if they engage in risky behavior. 

Senate Democrats will probably file cloture sometime within the next few days but won't hold a vote to move to consideration of the bill this week. 

"We discussed some of the key issues that are important to address, and hopefully, as I encouraged him to help us get to a bipartisan agreement so that we can proceed to the floor in a bipartisan basis," Snowe said. "At least to have a starting point on some of the initiatives that are critical to this legislation that could build a consensus for a strong, overwhelming vote."

A member of the Senate Small Business and Entrepreneurship Committee, Snowe said she asked Geithner to make sure banks will be able to continue customized loans to small businesses.

"We're all in agreement there should be legislation without question," Snowe said. "I think, frankly, you know, surprised that we're at this point where we didn't have a bipartisan bill. But at least have a bipartisan starting point with this very significant initiative, and frankly, send a very important message to the American people that we can come together."