Senate Democratic leaders have rounded up three Republican votes and are close to securing passage of the Dodd-Frank Wall Street Reform bill.
The three Republicans are Sen. Scott Brown of Massachusetts and the two Maine Senators, Olympia Snowe and Susan Collins.
The Democrats need 60 votes to break a filibuster and clear the way for the Senate to vote on final passage. The House passed the landmark financial regulatory reform bill before the July 4 recess. "We are steadily marching toward the 60 votes," Sen. Jack Reed, D-R.I. told reporters on Tuesday.
One Democratic holdout, Sen. Ben Nelson, D-Neb., also said he will vote for the bill. "I will support the Wall Street Reform bill to end bailouts, add common sense consumer protection and make sure Nebraska Main Street businesses are not adversely affected as we rein in recklessness on Wall Street," Nelson said.
There are some reports that the Senate will vote on the bill this Thursday. The bill, named after its principal sponsors Sen. Christopher Dodd, D-Conn., and Rep. Barney Frank, D-Mass., creates a new regulatory and enforcement regime over the mortgage industry that will impact everything from the origination to the securitization of residential mortgages, including the compensation of loan officers and mortgage brokers.