The Senate voted 60-40 on the cloture motion. The chamber had failed Wednesday to end debate on the measure.
President Barack Obama declared victory after the vote over the lobbyists and special interests he said had tried to kill or water down the bill.
“I think it’s safe to say these efforts have failed,” Obama said in comments from the Rose Garden. He also said the battle was not over. The Senate bill, once it is approved by that body, must by reconciled with legislation approved by the House.
Maine Republican Sens. Olympia Snowe and Susan Collins voted in support of the motion. Democratic Sens. Russ Feingold (Wis.) and Maria Cantwell (Wash.) voted against ending debate.
Obama thanked the senators who voted for cloture Thursday, specifically singling out Senate Finance Committee Chairman Chris Dodd (D-Conn.), who is retiring at the end of this Congress.
This story was posted at 2:55 p.m. and updated at 5 p.m.