Opposed to new fees, Sen. Scott Brown blocks financial reform

Senate and House conferees on Wall Street reform are reconvening Tuesday because of Republican objections to $19 billion in fees that would be placed on big financial firms.

The meeting follows Sen. Scott Brown's (R-Mass.) letter to the chairmen of the conference committee on Tuesday, in which he said he would oppose the Wall Street overhaul bill as it stands.

In a letter to Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.), Brown expressed "strong opposition" to the fees that were added in the conference process between House and Senate lawmakers last week.

"If the final version of the bill contains these higher taxes, I will not support it," he said.

Maine Republican Sens. Susan Collins and Olympia Snowe, who like Brown had voted for the Senate version of Wall Street reform, which didn't include the fees, have voiced similar concerns.

The objections have left Senate Democrats scrambling for a way to pass the bill.