US financial reform bill is set to pass as final votes secured
SENATE democrats yesterday appeared to nail down the votes needed to approve a historic overhaul of US financial regulations and moved to set up a final vote on it by the end of the week.
Senator Ben Nelson, one of the Senate’s most conservative Democrats, said he would support the bill after earlier raising concerns about how regulators might implement it.
His backing probably gives Democrats the 60 votes they need to clear an expected Republican procedural hurdle in the 100-seat chamber, which would allow them to give final approval to the broadest rewrite of the Wall Street rulebook since the Great Depression and send it on to President Barack Obama to sign into law. Before Nelson’s announcement, Senate democratic leader Harry Reid said he expected to bring the bill to the Senate floor later in the day, which would set the stage for votes later in the week.
The procedural vote could happen on Thursday, with final passage soon after, Democratic aides said.
The House of Representatives has already approved the measure. Final passage would give Democrats an important legislative victory as they try to minimise Republican gains in the November congressional elections.