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Senate moves closer to vote on sweeping financial reform bill

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The Senate on Thursday took a major step toward approving a sweeping overhaul of financial regulations, voting 60-40 on a key procedural motion that paves the way for final passage by the end of the week.

The Senate vote starts the clock ticking on the end of three weeks of debate on the landmark bill, which would enact the most far-reaching rewrite of financial rules since the Great Depression. The move required 60 votes, meaning Democrats needed the support of some Republicans. Thursday’s vote came after a similar move to end debate Wednesday narrowly failed because of concerns by a handful of Senators that some amendments had not received votes.

Final passage of the legislation requires just a simple majority of the 100-member Senate, which is expected to be met easily as soon as Thursday evening.

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