Financial reform gains 2 GOP votes

WASHINGTON, July 12 (UPI) -- Two Republican members of the U.S. Senate indicated Monday they will support financial reform legislation, signaling the bill might pass the Senate this week.

Olympia Snowe of Maine and Scott Brown of Massachusetts said they were prepared to support the final version of the bill, The New York Times reported. The decision by Snowe and Brown to back the measure might give Senate Democrats enough votes to pre-empt a Republican filibuster, the newspaper said.

Democrats had expected they would need to rely on the vote of whoever is named to fill the seat left vacant by the death of Sen. Robert Byrd, D-W.Va., but it appears they will have enough votes to end debate and proceed to a final vote, the report said.

As the proposed legislation stood before the July Fourth holiday, it retained the so-called Volcker rule -- named after former Federal Reserve Chairman Paul Volcker -- which forbids banks to make risky bets with their own funds.

Snowe announced her decision in a statement in which she called the proposed legislation "an aggressive overhaul" and said the reform would help "ensure we avoid another financial catastrophe such as the one that plunged our nation into the worst recession since the Great Depression."

"And this effort must include real and substantial consequences for those whose reckless actions caused the crisis in the first place while guaranteeing the transparency and accountability of taxpayer dollars," Snowe said.