Financial overhaul passes key procedural hurdle with 60-38 vote

The Senate voted Thursday to end debate on sweeping financial overhaul legislation, putting one of President Obama’s highest priorities on a glide path to enactment.

The Senate voted 60-38 on a key procedural motion to end debate on the 2,315-page bill. The move sets up a final vote as early as Thursday afternoon. The House already approved the legislation.

“We all know Wall Street isn’t going to reform itself,” said Senate Majority Leader Harry Reid (D-Nev.). “Those who vote ‘no’ are standing with the same bankers who gambled with our homes and economic security in the first place.”

Republican Sens. Susan Collins (Maine), Olympia Snowe (Maine) and Scott Brown (Mass.) joined all but one Democrat in support of the legislation. Sen. Russ Feingold (Wis.) was the lone Democrat opposed to the measure, which he said was not tough enough on the industry.

Sen. Mike Crapo (R-Idaho) did not vote on the procedural measure.

Obama will probably sign the bill into law within days, a little less than two years after the worst financial crisis since the Great Depression enveloped the broader economy.

The bill sets up a new consumer protection regulator to oversee products like home loans and credit cards; boosts regulation of the $600 trillion derivatives market; creates a new council of regulators to assess risks across the financial system; and sets up a new system for failing financial firms.

The legislation largely resembles a plan put forth by the Obama administration last year. 

Republicans criticized the legislation for increasing the size of the government and threatening to restrict credit at a time when the economy is suffering under near double-digit unemployment.

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