By a vote of 60 to 38, the Senate has ended debate on sweeping financial reform legislation.
Here's how David M. Herszenhorn, of The New York Times, characterizes it on the newspaper's website:
A broad overhaul of the nation's financial regulatory system, intended to address the causes of the 2008 economic crisis and rewrite the rules for a more sophisticated — and freewheeling — era on Wall Street, cleared one last procedural hurdle in the Senate on Thursday as it headed for final Congressional approval later in the day.
A final vote is scheduled to take place at 2:00 p.m. ET. Reportedly, the Obama administration is already planning for a signing ceremony at the White House.
Sen. Chris Dodd (D-CT) said the bill was "a major undertaking, one that is historic in its proportions, that is an attempt to set in place the structure that would allow us to minimize the problems in the future."
The Democratic caucus — sans Sen. Russ Feingold (D-WI) — convinced Sens. Scott Brown (R-MA), Susan Collins (R-ME), and Olympia Snowe (R-ME) to support the legislation.