"McConnell lacks support to block Wall Street reform bill"

McConnell lacks support to block Wall Street reform bill

By Alexander Bolton - 04/15/10 02:44 PM ET
Senate Republican Leader Mitch McConnell (Ky.) does not have enough solid commitments from GOP lawmakers to block consideration of a Democratic Wall Street reform bill.

McConnell has circulated a letter within the GOP conference that would have Republicans pledge to block a motion to proceed to a financial regulatory reform bill unless Democrats agree to reopen it for bipartisan negotiations.

But McConnell has fallen short of the 41 signatures he needs to send Senate Majority Leader Harry Reid (D-Nev.) a clear signal.

So far, Sen. Susan Collins (R-Maine), a crucial swing vote, has declined to sign the letter, according to a Republican source.
Collins said that she supports some of the provisions in the bill but has concerns about the way Democrats have handled it, specifically their decision to cut off talks with Republican negotiators before a bipartisan deal was reached.

But Collins has declined to pledge in a public letter that she would vote to filibuster the reform bill unless Democrats make amends.

It is unclear if any other Republicans senators have declined to sign the letter.

Collins’s stance is a significant setback to McConnell, who wants to force Democrats to return to the negotiating table.

A senior Democratic aide said that Reid will go forward with his plan to bring Wall Street reform to the floor next week.

A senior Republican lawmaker confirmed that McConnell had circulated a letter among fellow Republicans promising that the entire GOP conference would vote against a motion to proceed to the reform bill unless Democrats resume negotiations.

“The only way we can get in the room is to show Democrats that they can’t ram a bill through the Senate,” said the lawmaker.

http://thehill.com/blogs/on-the-money/banking-financial-institutions/92513-mcconnell-short-commitments-to-block-democrats-wall-street-bill