Listen Live To Athens News & Weather Station Online Anywhere, Anytime
Hi, (not you?) | Member Center | Sign Out
Posted: 11:40 p.m. Tuesday, June 29, 2010
By Jamie Dupree
The loss of a vote from the death of Sen. Robert Byrd (D-WI) and defections by at least two key Republican Senators forced Democrats to re-open negotiations yesterday on a Wall Street Reform bill, to find a way to pay for it.
At issue was $19 billion in fees on big banks and large financial firms, a plan that was added just before sunrise on Friday morning as House-Senate negotiators moved to wrap up work on the financial reform package.
So, Tuesday evening, it was back to the public bargaining table for key lawmakers in both parties, as Democrats struggled to make sure that the plan did not go off the rails unexpectedly.
One change adopted by negotiators was to use $11 billion in leftover money in the Wall Street Bailout fund - the TARP - to pay part of the cost of the bill.
But another seemed likely to stir some opposition, as it involved raising fees levied by the FDIC on all banks. Whether it would still mean Democrats were short of 60 votes in the Senate was not immediately clear.
"I think there's going to be enough interest in moving reform forward that we're going to get this done," President Obama said on Tuesday after a meeting with Federal Reserve Chairman Ben Bernanke.
While Obama expressed confidence, it seemed more and more likely that no final action would be taken by the Congress on Wall Street Reform until mid-July.
Lawmakers are off next week, and Democrats still might need Gov. Joe Manchin of West Virginia to appoint someone who will vote for the financial reform measure.
A House vote on the plan could come as early as today, but Senate action - because of the Byrd seat - may not occur until the week of July 12 at the earlist."
© 2013 Cox Media Group. By using this website,
you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices
.
Already have an account? Sign In
{* #registrationForm *} {* traditionalRegistration_displayName *} {* traditionalRegistration_emailAddress *} {* traditionalRegistration_password *} {* traditionalRegistration_passwordConfirm *}Already have an account? Sign In
{* #registrationFormBlank *} {* registration_firstName *} {* registration_lastName *} {* traditionalRegistration_displayName *} {* traditionalRegistration_emailAddressBlank *} {* registration_birthday *} {* registration_gender *} {* registration_postalZip *} {* traditionalRegistration_passwordBlank *} {* traditionalRegistration_passwordConfirmBlank *} {* agreeToTerms *}We have sent you a confirmation email. Please check your email and click on the link to activate your account.
We look forward to seeing you frequently. Visit us and sign in to update your profile, receive the latest news and keep up to date with mobile alerts.
Don't worry, it happens. We'll send you a link to create a new password.
{* #forgotPasswordForm *} {* forgotPassword_emailAddress *}We have sent you an email with a link to change your password.
We've sent an email with instructions to create a new password. Your existing password has not been changed.
To sign in you must verify your email address. Fill out the form below and we'll send you an email to verify.
{* #resendVerificationForm *} {* resendVerification_emailAddress *}Check your email for a link to verify your email address.


You're Almost Done!
Select a display name and password
{* #socialRegistrationForm *} {* socialRegistration_displayName *} {* socialRegistration_emailAddress *} {* traditionalRegistration_password *} {* traditionalRegistration_passwordConfirm *}Tell us about yourself
{* registration_firstName *} {* registration_lastName *} {* registration_postalZip *} {* registration_birthday *} {* registration_gender *} {* agreeToTerms *}