Financial Overhaul Bill | featured news

Lawmakers on Tuesday spared auto dealers from new scrutiny and neared agreement on trading limits for banks as they raced to complete the biggest overhaul of the financial rule book since the 1930s.

The Senate named 12 senators, including tough Wall Street critics and more moderate members, Tuesday to a panel that will finalize the most sweeping overhaul of financial regulations since the 1930s.

Three Republicans joined the Democratic majority on Thursday in an action that put Congress on a path to approve a broad expansion of oversight of the financial markets.

Senate Republicans voted Wednesday to delay final action on a sweeping financial regulation bill, raising an obstacle to the legislation as it approached the home stretch. The vote was 57-42, three votes shy of the 60 needed to pass. Three Democrats joined 39 Republicans in voting against the measure. Among them was Senate Majority Leader Harry Reid, who switched his vote from yes for procedural reasons. Reid said he'd seek a new vote Thursday.

The Senate this week could hand President Obama his second major legislative victory of the year, both on administration priorities that seemed in doubt not long ago.

The Senate's top Republican signaled Wednesday that a GOP filibuster of Wall Street reform legislation will end.

Senate Republicans, attacked for twice blocking legislation to rein in Wall Street, floated a partial alternative proposal Tuesday and said it could lead to election-year compromise on an issue that commands strong public support....

Top Republicans appeared nearer to a deal with Democrats on a financial regulation bill, with the ranking senator on the banking committee saying that they were “very close” on the key particulars.

President Barack Obama scolded Wall Street on Thursday for its "furious efforts" to fight tighter regulation, saying the United States was doomed to another financial crisis if reforms were not implemented

A Senate committee on Wednesday passed a proposal aimed at helping protect the economy from future meltdowns and taxpayers from more Wall Street bailouts.