By Silla Brush - 07/01/10 11:47 PM EDT
Sen. Maria Cantwell (D-Wash.) said Thursday that she will vote to support Wall Street overhaul legislation, moving Senate Democrats to the brink of winning the support necessary to pass the bill.
Cantwell had opposed an earlier version of the legislation. Her support is crucial as Senate Democrats look to shore up the 60 votes necessary to overcome procedural hurdles. The House passed the same legislation on Wednesday.
“I will vote in support of the conference report because it makes great strides toward our ultimate goal: bringing all standard derivatives onto exchanges and clearinghouses, with aggregate position limits and strong anti-manipulation tools,” Cantwell said in a statement.
Three Senate Republicans -- Susan Collins (Maine), Olympia Snowe (Maine) and Scott Brown (Mass.) -- voted to end debate on the bill in May. Collins said this week she would suport the legislation. Snowe and Brown have yet to announce how they will vote.
With support from Collins and Cantwell, Senate Democrats have 58 votes in favor of the bill. Sen. Russ Feingold (D-Wis.) remains opposed to the bill. Democrats would likely secure another vote in support when the Democratic governor of West Virginia names a replacement for the late Sen. Robert Byrd (D-W.Va.).
"This legislation is not perfect, and I will continue to push for even bolder action – including a return to the Glass-Steagall separation of commercial and investment banking – to reign in Wall Street, put an end to the concept of ‘too-big-to-fail.’ But this bill makes significant strides toward preventing the kind of financial meltdown that we saw in the fall of 2008," Cantwell said.