Sen. Scott Brown issued a statement Monday saying the financial regulatory reform bill isn’t perfect, but it’s better than it was before he pushed for several key changes to win his support. Brown's a yes on Wall Street reform

Sen. Scott Brown (R-Mass.) will vote for the Wall Street reform bill, giving Senate Democrats enough votes to pass the measure.

Brown issued a statement Monday saying the bill isn’t perfect, but it’s better than it was before he pushed for several key changes to win his support.


“I appreciate the efforts to improve the bill, especially the removal of the $19 billion bank tax,” Brown said. “As a result, it is a better bill than it was when this whole process started. While it isn't perfect, I expect to support the bill when it comes up for a vote. It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes.

“That doesn't mean our work is done,” Brown continued. “Further reforms are still needed to address the government’s role in the financial crisis, including significant changes to the way Fannie Mae and Freddie Mac operate.”

Brown’s support clears the way for passage of the bill after West Virginia Gov. Joe Manchin names a replacement for the Senate seat of Sen. Robert Byrd (D-W.Va.), who passed away last month. An announcement on the appointee isn’t expected until later in the week.

Democrats could push for a vote sooner if another Republican such as Sen. Olympia Snowe of Maine decides to support the bill. Snowe’s office said Monday she hasn’t decided how to vote yet.

A total of 57 members of the Democratic caucus, as well as Byrd’s replacement, Brown and Sen. Susan Collins (R-Maine) are expected to vote for the bill.

Brown’s announcement caps a months-long effort to win his support. Senate Banking Committee Chairman Chris Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.) went to great lengths to win his vote. They agreed to water down the Volcker Rule and replace a $19 billion tax on banks with alternate funding sources.