US financial reform bill moves towards endgame

City A.M. Reporter
THE US Senate is expected to tonight approve the biggest overhaul of financial regulations since the 1930s after the measure finally cleared a procedural hurdle yesterday.

The legislation is one of President Barack Obama’s top domestic priorities.

If passed, it would increase restrictions on the banking industry and some say reduce profits.

After the Senate voted 60 to 40 to wrap up debate on the bill, Obama said the final version will hold financial firms accountable but not stifle the free market.

“This is not a zero-sum game where Wall Street loses and Main Street gains,” Obama told reporters.

Three Republicans voted with Democrats to move the bill to a final vote, while two Democrats voted with Republicans against advancing it.