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.

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“We all know Wall Street isn’t going to reform itself,” said Senate Majority Leader Harry ReidHarry Mason ReidTrump thanks Reid for warning Democrats not to underestimate him Reid warns Democrats not to underestimate Trump Harry Reid predicts Trump, unlike Clinton, won't become more popular because of impeachment MORE (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 CollinsSusan Margaret CollinsOvernight Energy: Perry to step down as Energy secretary | Future of big-game hunting council up in the air | Dems lose vote against EPA power plant rule Overnight Defense — Presented by Boeing — Pence says Turkey agrees to ceasefire | Senators vow to move forward with Turkey sanctions | Mulvaney walks back comments tying Ukraine aid to 2016 probe On The Money: Senate fails to override Trump veto over border emergency | Trump resort to host G-7 next year | Senators to push Turkey sanctions despite ceasefire | McConnell tees up funding votes MORE (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 CrapoMichael (Mike) Dean CrapoGOP requests update on criminal referrals prompted by 2018 Kavanaugh probe Nearing finish line, fight for cannabis banking bill shifts to the Senate On The Money: Trump strikes trade deal with Japan on farm goods | GOP senator to meet Trump amid spending stalemate | House passes cannabis banking bill | Judge issues one-day pause on subpoena for Trump's tax returns MORE (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.