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President hopes to see reg reform bill next week

While Senate Democrats look for the necessary 60 votes to pass the reg reform legislation, Market News International is quoting President Obama as hoping Senators "move as quickly as possible to finish this chapter and settle this issue." It's not as easy as just putting the legislation up for vote. With the death of Sen. Robert Byrd (D-WV), Senate Democrats and Independents only make up 58 votes. Sen. Russ Feingold (D-WI) has already indicated he will vote against the legislation, leaving Democrats with just 57 votes. Four Republican Senators voted in favor of the initial legislation, but only one, Sen. Susan Collins (R-ME), has said they would vote in favor. Credit unions are anxiously awaiting the final vote since the legislation still contains interchange language that will be detrimental to credit union members and most likely the way credit unions can offer card services. The LSCU and CUNA have both come out against the legislation because of the inclusion of interchange.

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