Washington (CNNMoney.com) – After months of negotiation and debate, far-reaching legislation to overhaul the rules of Wall Street failed a key test vote in the Senate on Wednesday, casting a shadow over Democratic efforts to push the effort forward.
The measure aims to stop bailouts, shine a light on complex financial products and strengthen consumer protection.
The vote was 57 to 42. Under Senate rules, Democrats needed 60 votes to move ahead to a final vote.
Senate Majority Leader Harry Reid, D-Nev., had said he wanted a final vote by the end of the week. But now the next steps are unclear.