Obama Senses Victory After Senate Passes Key Vote On Financial Reform

President Barack Obama thanked the Senate on Thursday for voting to end debate on a key financial regulatory reform bill. The 60-40 vote means that the bill can now proceed to the floor for a final vote.

Though two Democrats, Sens. Russ Feingold (Wisc.) and Maria Cantwell (Wash.), broke with their party and voted no to ending debate for a second straight day, three Republicans, Sens. Olympia Snowe and Susan Collins of Maine, and Sen. Scott Brown (Mass.) voted yes, giving 57 Democrats the minimum number of votes they needed to block a filibuster.

Addressing reporters in the White House Rose Garden following the vote, the President praised the Senate for moving the bill forward, but cautioned against celebrating prematurely.

“We’ve still got some work to do,” he said, reminding supporters that the Senate still must pass its bill before it moves to conference. “There’s no doubt that during that time, the financial industry and their lobbyists will keep on fighting.”

But so will the administration. Four weeks ago, Mr. Obama memorably went to Wall Street to make the case for reform. Since then, the President and his financial reform team have hit the road in an attempt to sell the public on the plan. And earlier this week, the President was successfully able to convince Senator Brown to break with Republicans and change his vote, from no to yes.

As a result, the White House feels confident that they’ve won Round One of the battle.

“Over the last year, the financial industry has repeatedly tried to end this reform with hordes of lobbyists and millions of dollars of ads,” said the President. “Today, I think it’s fair to say that these efforts have failed.”

Senate Finance Committee Approves Baucus Bill With 14-9 Vote

Travis Martinez, University of New Mexico/Talk Radio News Sevice
The Senate Finance Committee approved the America’s Healthy Future Act Tuesday with a 14-9 vote.

The legislation’s sole Republican vote came from Sen. Olympia Snowe (R-Maine.), who has been pursued heavily by Democrats as a possible ally.

All Democrats on the committee voted in favor of the bill, including Sen. Jay Rockefeller (D-W.V.), who had previously expressed reservations with the bill.

“There is no way in its present form that I will vote for it, unless during the amendment process it is changed in vast amounts,” Rockefeller said mid-September.