WASHINGTON - Earlier this week the Conference committee working on the financial services overhaul met again to tinker with provisions that were causing some Senators to declare "no" votes. They approved a revised conference report that strips two key provisions that would have affected final passage: a provision that would end the $700 billion Troubled Asset Relief Program (TARP), and a provision that would "boost the minimum premiums that large banks have to pay into the FDIC's insurance fund to be able to comply with pay/go budget rules," reports Congress Daily.

Even with the so called "bank tax" gone several Senators are still opposed or haven??t made up their mind. Senator Russ Feingold (D-WI) is a definite no vote but Senator Susan Collins (R-ME) is a yes. There are four others who have not officially declared their position- Senators Scott Brown (R-MA), Charles Grassley (R-IA), Olympia Snowe (R-ME), and Maria Cantwell (D-WA). As of today that leaves Senate leadership with 56 assured yes votes but they will need 60 to send the bill to the President.

President Obama had hoped to have the bill on his desk before the July 4 but the Senate announced that it has postponed its legislative schedule to honor the late Senator Robert C. Byrd (D-WV), who died on Monday.

The full House voted on the package Wednesday night passing it by a vote of 237-192. Swipe fee provisions remain intact. It is still imperative to contact your Senators and ask them to vote yes for the bill because it includes relief from outrageous swipe fees for retailers and consumers. The fate of swipe fee reform hangs in the balance- click here to send a letter to your Senator.