By The Hill Staff - 06/28/10 09:03 PM EDT
The move raises pressure on Senate Democrats to win the votes of Sen. Maria CantwellMaria CantwellThe most important question in 2017: how do we get to yes? US wins aerospace subsidies trade case over the EU Wells CEO Stumpf resigns from Fed advisory panel MORE (D-Wash.) and a handful of Senate Republicans.
Senate Democrats aim to pass the Wall Street overhaul bill this week, but the passing of Sen. Robert Byrd (D-W.Va.) has given them little room to negotiate votes. House and Senate lawmakers finalized the legislation in a conference process early Friday morning.
"As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis," Feingold said in a statement. "The conference committee's proposal fails that test and for that reason I will not vote to advance it."
Feingold and Cantwell voted against ending debate on the bill in May and against the overall bill. Democrats were able to advance the legislation with the help of Republican Sens. Scott Brown (Mass.), Olympia Snowe (Maine) and Susan CollinsSusan CollinsRepublican opposition to raising the minimum wage Is crumbling 5 takeaways from the Indiana Senate debate GOP senators avoid Trump questions on rigged election MORE (Maine).
Brown has expressed disappointment at the final bill that passed through the conference committee. If he votes against the legislation in the Senate, Democrats will need to hold the rest of the votes they had in May and swing either Cantwell or another Republican to advance the bill.
Collins is reviewing the legislation, according to her office, and has not firmly committed to back the bill.
Sen. Chuck GrassleyChuck GrassleyDemocrats pounce on Cruz's Supreme Court comments Cruz: Precedent exists for keeping Supreme Court short-staffed Sanders to Justice Department: Block AT&T purchase of Time Warner MORE (R-Iowa) voted for the underlying legislation in May, but voted against cutting off debate.