WASHINGTON (CNNMoney.com) -- President Obama on Tuesday cited a "break through" on Wall Street reform and praised three Republican senators for saying they would vote for the bill.
Obama, speaking from the White House, urged the Senate to act quickly, saying he would like to sign the bill into law next week. Senate Democrats told CNN that they will hold a test vote on Thursday.
"Three Republican senators have put politics and partisanship aside to support this reform," Obama said. "I'm grateful for this decision as well as for all the Democrats who worked so hard to make this reform a reality."
Republican Sens. Susan Collins and Olympia Snowe of Maine and Scott Brown of Massachusetts have indicated they will vote for the bill. That would give the Democrats the 60 votes they need to block a GOP filibuster and pass the legislation.
Obama also announced his nomination of Jacob Lew to serve as director of the Office of Management and Budget.
The 54-year-old Lew ran the budget office during the Clinton administration from 1998 until 2001. He currently serves as a chief operating officer for Secretary of State Hillary Clinton.
If confirmed by the Senate, Lew will replace Peter Orszag, the first Obama Cabinet member to resign.
Powerball jackpot tops $400 million, as change in the game to create longer odds against winning allows for more frequent big prizes. More
Trump supporters say they found deductibles and out-of-pocket costs under Obamacare to be unaffordable, according to a new Kaiser survey. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
America's three biggest banks -- JPMorgan Chase, Bank of America and Wells Fargo -- earned over $6.4 billion last year from ATM and overdraft fees, according to an analysis by CNNMoney. More