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Senate Passes Financial Reform Overhaul

Updated 2:57p.m. ET
The Senate gave final approval to a financial reform bill Thursday, voting 60-39 to send the measure to President Obama for his signature.

Posted 1:05p.m. ET
The Senate cleared a sweeping financial reform bill for final passage Thursday, voting 60-38 to end debate on the measure. The move, which required 60 votes to succeed, sets the stage for Congress to send the legislation to President Obama, who had hoped to sign the bill by the Fourth of July.

The vote on final passage of the bill in the Senate is expected to come later Thursday.

“It is not a perfect bill,” Sen. Chris Dodd, D-Conn., head of the Senate’s Banking Committee and the bill’s main sponsor, said before the vote. “But we believe we’ve done the best we could under the circumstances to see to it that we never have another bailout of a major financial institution at taxpayer expense.”

The Associated Press reports:

Only three Republicans — Susan Collins and Olympia Snowe of Maine and Scott Brown of Massachusetts — voted with Democrats to end the debate. Democrat Russ Feingold of Wisconsin, who has said the bill is not tough enough, voted with most Republicans against the bill.

Find the full roll call of votes here.

Of the bill, David Herszenhorn of the New York Times writes:

While the measure does not fully restore the toughest restrictions imposed after the Great Depression, it is a clear turning point, highlighting a new distrust of Wall Street, fear of the increasing complexity of technology-driven markets, and renewed reliance on government to protect the little guy.

The bill will enact some critical measure to both regulate big banks and ensure better protections for consumers, but has traveled a long road of debate and compromise among lawmakers.

After members of the Senate Banking Committee endeavored on an all-night session of compromise brokering to add support on the bill, we talked to Nomi Prins, a former managing director at Goldman Sachs and author of “It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street” and the Brookings Institution’s Douglas Elliot, who spent 20 years as an investment banker, about what the reform bill will mean:

Stay tuned to The Rundown for more details and reaction on financial reform bill.

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