Snowe becomes 3rd GOP supporter of Wall Street regulation bill, virtually guaranteeing passage

Snowe says she will vote for financial regulations

WASHINGTON — Republican Sen. Olympia Snowe of Maine says she will vote to overhaul financial regulations, pushing the legislation to the verge of final passage and a victory for President Barack Obama.

Snowe becomes the third Republican to announce support for the bill, almost guaranteeing 60 votes to overcome procedural obstacles to the legislation. Democratic Sen. Ben Nelson of Nebraska said Monday he was still reviewing the bill.

Nelson voted for an earlier Senate version of the legislation. Without him, Democrats would have to wait for West Virginia Gov. Joe Manchin, who is a Democrat, to fill the vacancy created by the death of Sen. Robert Byrd.

Manchin said he would make an appointment as early as Friday.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

WASHINGTON (AP) — Republican Sen. Scott Brown of Massachusetts helped move sweeping financial legislation closer to passage Monday, announcing that after some misgivings he will support the regulatory overhaul after all.

Brown joins Sen. Susan Collins of Maine as two crucial Republican votes for the legislation.

Democratic leaders were still looking to secure the 60 votes needed to overcome procedural hurdles. They were awaiting word from Sens. Olympia Snowe, R-Maine, and Charles Grassley, R-Iowa, who supported an earlier Senate version of the bill.

Grassley has said he has concerns about the way the bill covers about $19 billion in implementation costs.

Senate Majority Leader Harry Reid also was considering waiting until West Virginia Gov. Joe Manchin, a Democrat, names a replacement for the late Sen. Robert Byrd. Manchin said Monday that he would fill the vacancy as early as Friday and no later than Sunday.

With Collins and Brown, the bill now appears to have the support of 59 senators.

Reid spokesman Jim Manley said Monday that Democrats are ready to take the bill up “once we’ve locked in the votes.”

Manchin’s appointment would be expected to vote for the legislation. But if Reid must rely on his vote, final passage of the financial regulation would have to be delayed to next week at the earliest.

Brown won concessions in the bill and said Monday that the legislation “is a better bill than it was when this whole process started.”

“While it isn’t perfect, I expect to support the bill when it comes up for a vote,” he said in a statement. “It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes.”

Most Republicans have lined up against the bill.

The legislation aims to avoid a recurrence of the 2008 financial crisis that helped drive the country into the worst recession since the Great Depression.