WASHINGTON D.C. (
) --The Senate has passed the Dodd-Frank financial regulatory reform bill. The bill will next be sent to President Obama who is expected to sign it into law as early as next week.
Earlier this morning, the bill passed the cloture vote 60 to 38, ending debate and clearing the way for final passage in the senate.
The passage of the financial reform bill, a major crackdown on unfair consumer trade practices and risky derivative trading, would be another victory for the Obama administration on the heels of health reform.
The fate of the bill had been plagued with uncertainty following the death of Senator Robert Byrd and strong opposition from Republican Senator Scott Brown on the imposition of a "bank tax", which was later scrapped to win his crucial support.
The bill is expected to adversely impact large banks with exposure to capital markets such as
Bank of America
Traditional money managers such as
T. Rowe Price
Principal Financial Group
relatively unscathed from the bill.
Financial stocks are trading weak today, despite stellar returns from JPMorgan Chase.
-- Reported by Shanthi Venkataraman in New York.
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