NYcarbineer
Diamond Member
...to break Republican obstruction of Wall Street reform bill.
WASHINGTON (CNNMoney.com) -- Wall Street reform cleared a crucial test vote on Thursday, all but assuring final Senate passage of the most sweeping regulatory overhaul since the New Deal.
The Senate voted 60 to 40 to meet the threshold to overcome filibusters and send the measure to a final vote within days. Three Republicans voted for it, and two Democrats voted against it.
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"Today, Democrats and a handful of Republicans in the Senate have voted to break the filibuster and allow the final debate and vote on financial reform -- reform that will protect consumers, protect our economy and hold Wall Street accountable," President Obama said Thursday.
The legislation aims to stop bailouts, shines a light on complex financial products and strengthens consumer protection, to a final vote.
Final passage, which will require only 51 votes, is likely to come Thursday night or Friday, sources tell CNN.
"We've made great progress ... it's been hard to get to this point," said Senate Majority Leader Harry Reid. "It's been a good debate. It's been the way the Senate should operate more often than it has."
The bill failed in a similar test vote on Wednesday. One key change Thursday was that Sen. Scott Brown, R-Mass., switched his vote to "yes."
"Senator Brown received assurances from Senator Reid and his leadership
Wall Street reform bill clears key vote - May. 20, 2010
WASHINGTON (CNNMoney.com) -- Wall Street reform cleared a crucial test vote on Thursday, all but assuring final Senate passage of the most sweeping regulatory overhaul since the New Deal.
The Senate voted 60 to 40 to meet the threshold to overcome filibusters and send the measure to a final vote within days. Three Republicans voted for it, and two Democrats voted against it.
Facebook Digg Twitter Buzz Up! Email Print Comment on this story
"Today, Democrats and a handful of Republicans in the Senate have voted to break the filibuster and allow the final debate and vote on financial reform -- reform that will protect consumers, protect our economy and hold Wall Street accountable," President Obama said Thursday.
The legislation aims to stop bailouts, shines a light on complex financial products and strengthens consumer protection, to a final vote.
Final passage, which will require only 51 votes, is likely to come Thursday night or Friday, sources tell CNN.
"We've made great progress ... it's been hard to get to this point," said Senate Majority Leader Harry Reid. "It's been a good debate. It's been the way the Senate should operate more often than it has."
The bill failed in a similar test vote on Wednesday. One key change Thursday was that Sen. Scott Brown, R-Mass., switched his vote to "yes."
"Senator Brown received assurances from Senator Reid and his leadership
Wall Street reform bill clears key vote - May. 20, 2010