Senate clears bank bill for final passage - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Senate clears bank bill for final passage

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May 21, 2010, file photo House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., left, and Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., speak to reporters outside the White House. (AP Photo/Susan Walsh, File) May 21, 2010, file photo House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., left, and Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., speak to reporters outside the White House. (AP Photo/Susan Walsh, File)

WASHINGTON (AP) — The Senate on Thursday cleared a sweeping bank regulation bill for final passage by breaking through a Republican blockade.

Senators voted 60-38 to end debate on the bill. That paved the way for Congress to send President Barack Obama a crackdown on banks and Wall Street that in some ways is tougher than what he sought.

The legislation is designed to rein in big banks and protect consumers in hopes of averting a repeat of the 2008 financial crisis.

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.

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