May 20th, 2010
03:00 PM ET
4 years ago

Wall Street reform clears key vote

Washington (CNNMoney.com) – Wall Street reform cleared a crucial test vote on Thursday, all but assuring final Senate passage of the most sweeping regulatory overhaul since the New Deal.

The Senate voted 60 to 40 to meet the threshold to overcome filibusters and send the measure to a final vote within days. Three Republicans voted for it, and two Democrats voted against it.

The legislation aims to stop bailouts, shines a light on complex financial products and strengthens consumer protection, to a final vote.

Final passage, which will require only 51 votes, is likely to come within days.

"We've made great progress ... it's been hard to get to this point," said Senate Majority Leader Harry Reid. "It's been a good debate. It's been the way the Senate should operate more often than it has."

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Filed under: Wall Street
soundoff (14 Responses)
  1. ehwilson429

    what could Senators possibly know about finance reform.

    May 20, 2010 03:21 pm at 3:21 pm |
  2. Dutch/Bad Newz, VA

    About darn time. What was negotiated in the last 24 hours that the debate couldn't end yesterday?

    May 20, 2010 03:23 pm at 3:23 pm |
  3. B

    It really shows how our congress is being controlled by Wall street and corporations to an extent never before seen in this country..

    May 20, 2010 03:33 pm at 3:33 pm |
  4. jeff jackson, alabama

    Listen up folks.
    There is an amendment to the bill
    called The Brownback Amendment.
    This amendment would allow small
    businesses to still be able to arrange
    competitive financing for their customers.
    We're talking appliance stores, boat
    dealers, carpet dealers, car dealers,
    and on and on.
    The banks got us into this fix not
    the small businesses.If you don't want
    to lose 0% at car dealers and 2.9 % 3.9%
    and 4.9% types of loans call your representatives
    and tell them to vote for The Brownback
    Amendment.
    With out this amendment you will get your
    check when the bank is good and ready
    to give it to you at the rate they dictate.
    No more going to a store and going home
    with the product on the spot.
    No more great rates for people with good
    credit and an alternative way to go for people
    with weak credit. The average American will
    suffer with out this amendment added to the
    reform bill. Don't let your representative punish
    you for something the banks did.

    May 20, 2010 03:35 pm at 3:35 pm |
  5. Hangar 13

    Once again the Democrats put out thousands of pages of new law while ignoring the elephant in the room. The "elephant" in this case is FNMA and FHLMC, the primary causes of the current recession, but completely untouched in the bill. Just as runaway abuse of the legal system is the biggest detriment to affordable health care, yet the health care legislation didn't have room for a single word about tort reform. The Democrats love to talk about reform while taking care of their friends at the expense of honest Americans. November can't come soon enough.

    May 20, 2010 03:39 pm at 3:39 pm |
  6. grrace

    Sen.Corker just called the FDIC a big "government takeover." "Government Takeover" = Regulation. Crooks really hate being regulated.

    May 20, 2010 03:40 pm at 3:40 pm |
  7. Michael

    Wall Street reform is about 90 years overdue.
    The status quo is a modern evolution of the manor system of indentured servitude, in which the great majority of the population works for the benefit of a small minority, who own virtually all real property. Housing and land are mostly owned by the wealthy minority, and the working population remains at a subsistence level while all profits are funneled into the masters' bank accounts. Tenant workers are penalized with all sorts of fees and pricing designed to keep them from ever saving enough money to buy their freedom (owning enough of the economy to live from the dividends).

    May 20, 2010 03:45 pm at 3:45 pm |
  8. PalmReader

    The legislation aims to stop bailouts, shines a light on complex financial products and strengthens consumer protection, to a final vote.
    __________________________________________

    And yet, the obstuctionist party - other than those 3 brave souls, including Scott Brown, no less - continues to vote lock step against it.

    Which says a lot as to what direction the GOPers really want to take our country back to . . .

    May 20, 2010 03:50 pm at 3:50 pm |
  9. Sgt. USMC

    McConnell eat your selfish heart out!

    I guess that big bribe check from your pals up at W St. will have to wait.

    No payoff money for you buddy.

    Good for Reid, the Dems have really come through for the American people.

    We still got a ways to go but it's a good thing to some progress in Washington, with or without repubs.

    May 20, 2010 04:00 pm at 4:00 pm |
  10. Sniffit

    "HOWEVER, you seem to not mention the skeletons in the DEM closet!"

    There's a vast vast difference between criticizing Paul, who is a contemporary poised to perhaps take a sentate seat, for channeling Goldwater's racist nonsense from 1964, which Goldwater (just like Paul) tried to hide behind a thin sheen of economic freedom rhetoric, on the one hand AND simply pointing out that some Dem from several decades ago also happened to be a jacka$$. Learn the difference.

    That being said, I criticize Dems all the time. They're spineless wimps who should've stepped on the GOP's collective throat by now and I can't stand that Obama did things liek support the Patriot Act. However, at least they are trying to get something done to help us rather than doing nothing but trying to get re-elected and regain control by preventing anything whatsoever from being done. If you think those of us who predicted that the GOP would try to make America suffer for 4 years so they could blame the Dems for it take pleasure in being proven right, think again. I'm not a member of either party...the GOP just deserves my wrath more than the Dems do right now.

    May 20, 2010 04:34 pm at 4:34 pm |
  11. john in Cal

    now just don't water it down to please wall street and prove who is really paying you a salary congress. If it becomes watered down we will know who to vote out in November. We will be watching your voting record on this bill.

    May 20, 2010 04:43 pm at 4:43 pm |
  12. geecee

    Finally, let's get this done. Thanks to the two Republicans who were reasonable enough to vote for it. (I am sure they got some concessions, though.)

    May 20, 2010 04:47 pm at 4:47 pm |
  13. Marty, FL

    Good to hear.

    Roll call please, especially on the final vote. Americans will deserve to know which politicians are siding with Wall St. greed over Main St. interests and our consumer protections.

    Bring on November.

    May 20, 2010 04:48 pm at 4:48 pm |
  14. Wisconsinite

    Brought to you by the Democratic Party . . . the party that is moving American forward NOT taking it back (ward)!

    May 20, 2010 04:54 pm at 4:54 pm |