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.
Sen. Christopher Dodd, D-Conn., worked with Sen. Richard Shelby, R-Ala., for weeks on changes to a part of the bill that deals with taking down falling financial firms. They reached a deal on principle last week, announcing the deal Wednesday.
Among the more significant changes, senators dropped a tax on banks that would have funded a $50 billion pot of money that regulators could tap to help take down failing banks. Now the bill stipulates that banks will be taxed to pay for unwinding banks after a collapse.