[Updated at 3:16 p.m.] The Senate on Thursday afternoon passed the most sweeping set of changes to the financial regulatory system since the 1930s, sending the Wall Street reform bill to President Obama.
The Senate voted 60 to 39 to pass the reforms, ending more than a year-long effort to pass legislation in response to the 2008 financial crisis.
Earlier in the day lawmkers voted 60-38 to end debate on the bill, with three Republicans joining Democrats to support it. The bill aims to strengthen consumer protection, rein in complex financial products and head off more bank bailouts.
[Posted at 11:40 a.m.] The Senate on Thursday morning voted to move the Wall Street reform package forward, assuring safe passage of the regulatory overhaul to President Obama's desk next week.
The Senate overwhelmingly passed its first major change to the Wall Street reform package Wednesday, approving a bipartisan deal to unwind big financial firms that are considered too big to fail.
The Senate vote, 93-5, signaled that Republicans are working with Democrats to move forward on the financial overhaul package, after agreeing last week to let debate begin.
Senate Democrats failed Tuesday – for the second time in two days – to muster the 60 votes needed to start debating Wall Street reform.
The official vote was 57-41 in favor of moving forward with Senate Majority Leader Harry Reid, D-Nev., switching his vote from "yes" to "no," in a procedural move that allows him, under the Senate rules, to bring the bill up again as early as Wednesday for another vote.
Extended jobless benefits will run out for about 212,000 Americans out of work after April 5 because the Senate closed up shop Friday afternoon without a deal to extend filing deadlines.
Senate Democrats and Republicans failed to agree on passing a House version of the extension of deadlines to apply for federal unemployment benefits and the COBRA health insurance subsidy.
A key banking panel took only minutes Monday to approve a sweeping regulatory reform measure aimed at warding off future collapses in the financial system.
The Senate Banking Committee voted 13-10 in favor of the bill put forth by panel chairman Sen. Christopher Dodd, D-Conn., moving it to the full Senate just after Dodd gaveled the hearing to order at 5 p.m. ET.
Fed Chairman Ben Bernanke made his strongest case yet to Congress on Wednesday for the Federal Reserve keeping its regulatory oversight powers over banks large and small.
Bernanke told the House Financial Services panel he's "quite concerned" about proposals to limit the Federal Reserve's regulatory power to watching out for only the biggest banks. He called the proposal a "bad idea."
The head of a key banking panel on Monday released a draft bill of sweeping regulatory changes aimed at warding off future collapses in the financial system.