Senate votes to end debate on bank-reform legislation

Senate votes to end debate on bank reform bill

WASHINGTON (MarketWatch)

The Senate voted Thursday to narrowly close off debate on a sweeping bank reform bill, setting the stage for enactment of legislation that will change the rules of capitalism by the end of the week or early next week.

The chamber approved the motion, by a vote of 60 to 40, after lawmakers narrowly failed to find sufficient support to close of debate on Wednesday afternoon.

If approved, the bill would need to be reconciled with a House bank reform package approved in December. Lawmakers, however, will still have the opportunity to vote on a series of amendments to the bill currently under review including a measure that would limit the speculative activity of big banks.
Sen. Scott Brown, R-Mass., voted to approve the motion after voting against it yesterday. He was the critical "aye" vote for the measure to obtain the filibuster-proof 60 votes needed for approval.