Snowe backs financial reform, ensuring passage

The House passed the conference report before leaving for the July 4 recess while the Senate left town to review the package. Until today, the bill didn't have the votes to pass. 

"I appreciate the efforts to improve the bill, especially the removal of the $19 billion bank tax. As a result, it is a better bill than it was when this whole process started,” Brown said in a statement earlier Monday. "While it isn’t perfect, I expect to support the bill when it comes up for a vote."

Snowe has four amendments to improve access to credit for small businesses. Those provisions would: 


• Require the Consumer Financial Protection Bureau, created in the bill, to consider seasonal businesses that access credit through home mortgages when crafting regulations.

• Ensure that small businesses that do not securitize their debt and are not significantly engaged in financial business will not be regulated by the CFPB.

• Ensure banks aren't required to reporting transactions down to each individual ATM and census tract.

• Create small business advocacy review panels within the CFPB through the Regulatory Flexibility Act so that the CFPB fully considers small businesses economic effects when considering new regulations. 

This story was updated at 8 p.m.