WASHINGTON BUREAU — Members of the Senate today voted 60-40 to limit debate on S.A. 3739, the substitute version of S. 3217, the Restoring American Financial Stability Act bill.
RASFA bill backers were 2 votes shy of winning approval for cloture Wednesday. The vote limits further debate on amendments to 30 hours. Senate Majority Leader Harry Reid, D-Nev., said he would make an effort to complete work on the bill by Thursday night.
The Senate has now passed the bill 59-39 and renamed it H.R. 4173, the Wall Street Reform and Consumer Protection Act. For our latest financial services bill coverage, please see S. 3217 Becomes H.R. 4173, Passes In Senate.
Reid wants to wrap up work on S. 3217 so that the Senate can start to work on legislation that would restore several small business tax credits that expired in December. The Senate also is looking at extending other programs with authorizations that are set to expire by the end of the month. Senate leaders hope to complete work on those efforts by May 28, before Congress is scheduled to leave for the Memorial Day recess.