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"Some of those provisions will directly benefit community banks' bottom lines. Others are designed to buffer community banks from the actions lawmakers were intent on taking to rein in the megabanks and nonbank financial firms," they wrote to association members. Senate Banking Committee Chairman Christopher Dodd, D-Conn., who helped write much of the bill with House Financial Services Committee Chairman Barney Frank, said the Senate had arrived at a "historic moment," and urged senators to "set up a regulatory structure that makes it possible for us to address future economic crises, as certain as they will occur." The House approved the bill last month, with just three Republicans voting in favor. But opposition to the bill from Democratic Sen. Russ Feingold of Wisconsin, and the death of Sen. Robert Byrd, D-W.Va., created new uncertainty for the bill in the Senate. After Collins, Snowe and Brown decided to break with their party and support the bill, passage seemed assured. Then Nelson, who voted for a Senate version of the bill, surprised Democratic leaders Monday by voicing his concerns. A day later, Nelson was back on board after receiving assurances that financing of the consumer protection bureau would not be open-ended and that the head of the bureau would be accountable to Congress. That means the three Republican supporters, 55 Democrats, and two independents now add up to the precise number of votes needed to beat back potentially fatal procedural votes. "It is in America's best interests that risks to our financial system are identified and addressed before they threaten our nation's financial stability again," Nelson said in a statement. The three Republicans in the Senate won crucial concessions to secure their votes. Collins insisted on tougher rules on the assets that banks keep in their reserves to guard against losses. Snowe helped insert a provision that gives small businesses a greater say in any rules written by the consumer protection bureau. And Brown persuaded lawmakers to ease restrictions on banks investing in hedge funds and private equity
-- a step designed to help Massachusetts-based institutions.
[Associated
Press;
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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