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 CantwellUS wins aerospace subsidies trade case over the EU Wells CEO Stumpf resigns from Fed advisory panel Overnight Energy: Lawmakers kick off energy bill talks 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 CollinsSwing-state Republicans play up efforts for gun control laws Reid knocks GOP on gun 'terror loophole' after attacks GOP pressures Kerry on Russia's use of Iranian airbase 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 GrassleySenate rivals gear up for debates Grassley pulling away from Dem challenger Overnight Finance: McConnell offers 'clean' funding bill | Dems pan proposal | Flint aid, internet measure not included | More heat for Wells Fargo | New concerns on investor visas MORE (R-Iowa) voted for the underlying legislation in May, but voted against cutting off debate.