On Tuesday investors were trying to determine if the new fin reg bill would actually make its way through Congress.
According to the latest reports, Republican Sen. Scott Brown of Massachusetts, one of only four Republicans to support the bill, decided to back away from it.
Combined with the death of Democratic Sen. Robert Byrd of West Virginia and word that Democratic Sen. Russ Feingold of Wisconsin would note 'no', investors couldn't help but wonder what happens to the legislation.
According to CNBC sources, the administration will do whatever it takes to get the bill through Congress and signed into law this week.
On Tuesday, Rep. Barney Frank of Massachusetts and Sen. Chris Dodd of Connecticut reopened the conference to make changes to the legislation that they think will help win Scott Brown's vote.
The deal that’s currently on the table is to remove some $19 billion in new bank fees and taxes which Brown opposed and were inserted at the last minute.
House-Senate conferees, who hammered out the bill late last week, are now expected to meet shortly to address Brown’s concerns. The fact that they have agreed to meet indicates they have a deal, sources told CNBC.
Read more:
> Lawmakers Agree to Remove Taxes in Financial Reform Bill
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Trader disclosure: On June 29, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Pete Najarian owns (MRVL), short calls; Pete Najarian owns (HPQ), short calls; Pete Najarian owns (MRVL), short calls; Pete Najarian owns (CMC) a call spread; Pete Najarian owns (TCK), short calls; Pete Najarian owns (AMD) calls; Pete Najarian owns (LLC) a call spread; Pete Najarian owns (C) calls; Pete Najarian owns (BAC); Pete Najarian owns (BBY) a call spread
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