WASHINGTON. Democrats yesterday planned to strip out a controversial tax from their landmark financial reform bill in order to win the swing votes needed to pass it through Congress.
With crucial Republican moderates threatening to withdraw their support, Democrats were weighing alternative ways to fund the most sweeping rewrite of the Wall Street rulebook since the 1930s.
Though a supposedly final version of the bill had been hammered out last week, Democrats in charge of the process called a fresh negotiating session.
“We believe that this legislation will pass, timing and the bank tax remain the final question marks,” wrote FBR Capital Markets analyst Edward Mills in a research note.