The financial-overhaul legislation cleared a major procedural hurdle on the way to President Barack Obama's desk Thursday, setting the stage for the Senate to give its final approval to the measure later Thursday.
The Senate voted 60-to-38 to end debate on the wide-ranging legislation, a move that required 60 votes to succeed. The Senate has another procedural vote, scheduled for 2 p.m., to resolve Republicans' budget objections, and then final passage is expected after that point. The final vote will require only a simple majority to pass the bill. Mr. Obama has said he hopes to sign the legislation into law next week.
The successful procedural vote on the "conference" report negotiated between House and Senate lawmakers brings the Obama administration just inches away from scoring a major domestic policy victory.
The measure will touch all areas of the financial markets, affecting how consumers obtain credit cards and mortgages, dictating how the government dismantles failing financial firms, and directing federal regulators' focus on potential flashpoints in the economy.
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