Sen. Scott Brown, once in favor of Wall Street bill, takes issue with new version

GOP senator’s wariness puts banking bill in doubt

WASHINGTON — Republican Sen. Scott Brown of Massachusetts is backing away from his support for a sweeping overhaul of the nation’s financial regulations. Brown could be crucial to overcome 60-vote procedural obstacles to pass the legislation.

The death of Democratic Sen. Robert Byrd of West Virginia and Brown’s stance complicates the Senate’s ability to pass the bill, a key objective of President Barack Obama.

Brown is objecting to a provision added last week by House-Senate negotiators that would impose a $19 billion fee on large banks and hedge funds.

He said he had not yet decided whether he would vote to block the bill. Brown was one of only four Republicans to support a Senate version of the bill last month.