WASHINGTON—House lawmakers appeared on the verge of a Wednesday vote on financial-overhaul legislation after Democrats cobbled together a proposal to offset the cost of the wide-ranging changes.
Democratic leaders in the House and Senate were forced to scrap a proposed $18 billion fee to be paid by big banks and hedge funds to pay for the legislation after a handful of moderate Senate Republicans balked. Those lawmakers—Sens. Olympia Snowe and Susan Collins of Maine and Scott Brown of Massachusetts—are needed to clear procedural hurdles in the Senate.
Rep. Barney Frank (D., Mass.) said the House would likely vote on the legislation Wednesday, though the timing of a Senate vote that would send the bill to President Barack Obama remained uncertain. Sen. Christopher Dodd (D., Conn.) said Tuesday evening it is doubtful that the Senate would vote this week, because of the memorial and funeral services for Sen. Robert Byrd (D., W.Va.).