By Alexander Bolton - 06/30/10 04:23 PM EDT
The Wall Street reform conference report will not pass until Congress returns from the July 4 recess — during the week of July 12 — Democratic leaders said.
Senate Majority Leader Harry Reid (D-Nev.) told reporters Wednesday that Senate procedures would not allow him to bring the bill to the floor on Thursday.
“I can’t because I can’t procedurally get to it,” Reid said.
Separately, Sen. Susan Collins (R-Maine) said she'd support the final conference report. She said she appreciated conferees had removed $19 billlion in new taxes on large financial institutions that would have paid for the bill's costs.
"While the bill is not what I would have written and contains some provisions that I oppose, on balance I believe that it will lead to stronger financial institutions, curb the abuses that led to the near collapse of our financial markets, and improve financial oversight by creating a council of regulators to identify products, practices, and financial institutions that pose a systemic risk to our economy," Collins said in a lengthy statement.
"Based on my initial review of the final version of the conference report, I am inclined to support it."
Final approval of the legislation was slowed by GOP opposition to the $19 billion tax on large financial institutions.
Dodd and other negotiators will now pay for the bill's costs through a plan to end the Troubled Asset Relief Program several months before its scheduled expiration.
Democrats hope that will be enough to also win the votes of Sens. Scott Brown (R-Mass.) and Olympia Snowe (R-Maine).
Along with Collins, both Republicans voted for the Senate's Wall Street reform bill last month.
Brown issued a noncommittal statement on Wednesday.
“I appreciate the conference committee revisiting the Wall Street
reform bill and removing the $19 billion bank tax," Brown said
in the statement. "Over the July recess, I will continue to
review this important bill."
Senate Banking Committee Chairman Chris Dodd (D-Conn.) said that after House approval, the soonest the Wall Street reform could pass the Senate would be Saturday or Sunday.
He expressed concern that some Republicans who are likely to vote for the legislation might change their mind if forced to stay in session into the July 4 weekend to get the bill to President Barack Obama’s desk.
Dodd said the House would not likely pass the revised Wall Street reform bill until Thursday.
— Silla Brush contributed to this story. This story was updated at 1:19 p.m.