Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Obama: 'Break through' on bank bill

By Jennifer Liberto, senior writer


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.

Orszag advised the president during last year's push to enact the massive Recovery Act, as well as this year's health care reform law. To top of page

Index Last Change % Change
Dow 18,481.48 -65.82 -0.35%
Nasdaq 5,217.70 -42.38 -0.81%
S&P 500 2,175.44 -11.46 -0.52%
Treasuries 1.56 0.01 0.39%
Data as of 5:05am ET
Company Price Change % Change
Bank of America Corp... 15.40 0.05 0.33%
Chesapeake Energy Co... 6.26 -0.20 -3.10%
Freeport-McMoRan Inc... 11.08 -0.90 -7.51%
Micron Technology In... 15.51 -0.67 -4.14%
Cisco Systems Inc 31.06 0.08 0.26%
Data as of Aug 24
Sponsors

Sections

The U.K. is preparing to split from the European Union, which means about $1.3 trillion in trading relationships will have to be reset. More

Facebook CEO Mark Zuckerberg is going to Rome to hold a live Q&A Monday, following this week's large earthquake. More

Just 15 states are paying enough into their public pension funds to both pay promised benefits to retirees and pay down pension debt. More