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 ReidTo Build Back Better, we need a tax system where everyone pays their fair share Democrats say Biden must get more involved in budget fight Biden looks to climate to sell economic agenda 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 CollinsLooking to the past to secure America's clean energy future Collins to endorse LePage in Maine governor comeback bid McConnell privately urged GOP senators to oppose debt ceiling hike 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 CrapoThe Hill's Morning Report - Presented by Alibaba - Biden jumps into frenzied Dem spending talks GOP senators say Biden COVID-19 strategy has 'exacerbated vaccine hesitancy' The Energy Sector Innovation Credit Act is an industry game-changer 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.