Democrats Push Financial Reform With Slim Margin for Error
The House of Representatives has already passed a version of the bill. To send the bill to President Obama to sign into law, Senate Majority Leader Harry Reid will likely need 60 votes to overcome a procedural hurdle in the 100-seat chamber.
Reid currently has 57 Democrats on board, with two Republicans seemingly inclined to vote in favor as well, Reuters reported. That leaves Reid one vote short. He could pick up that vote if West Virginia Gov. Joe Manchin moves quickly to appoint a replacement for Sen. Robert Byrd, who died last month.
The bill puts in place new consumer-protection laws and limits banks' investments in private equity and hedge funds.
Analysts are confident that Reid will ultimately get the votes he needs. "I think everyone's pretty comfortable that they have the numbers," Jodi Lashin, a lawyer at Pryor Cashman, told Reuters.