Financial Overhaul Bill Clears Key Hurdle

This article is more than 10 years old.

The Senate has cleared the way for final passage of a financial regulation bill that's a top priority of President Barack Obama.

The vote was 60-40, just enough to meet the threshold needed to end debate.

The bill calls for new ways to watch for risks in the financial system and makes it easier to liquidate large financial firms that are failing.

It also writes new rules for complex securities blamed for helping precipitate the 2008 economic crisis. And it creates a new consumer protection agency.

Before voting on final passage, senators must still deal with two contentious issues. One would ban commercial banks from carrying speculative trades with their own money. The other would exempt auto dealers from oversight of the new consumer protection bureau.

This program aired on May 20, 2010. The audio for this program is not available.