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 17,063.25 12.50 0.07%
Nasdaq 4,821.46 10.67 0.22%
S&P 500 2,013.91 0.48 0.02%
Treasuries 2.10 -0.01 -0.28%
Data as of 10:30am ET
Company Price Change % Change
Alcoa Inc 10.52 -0.49 -4.50%
Bank of America Corp... 15.74 -0.02 -0.10%
Freeport-McMoRan Inc... 13.60 0.14 1.04%
Apple Inc 110.63 1.13 1.03%
General Electric Co 27.95 -0.08 -0.29%
Data as of 10:14am ET


Fan files federal lawsuit seeking class action status, charging that typical fantasy sports fans hurt by DraftKings and FanDuel employees playing with insider information. More

The U.S. is running low on truckers and trucking advocates argue that the shortage could damage the U.S. economy. More

The National Domestic Workers Alliance introduced a new initiative, Good Work Code, to set standards and protections for on-demand workers. More

Karim Abouelnaga turned down a job on Wall Street to address a problem that set him back as a low-income student: the summer slide. More

Danny Miller is a self-taught investor from Mobile, Alabama. He's better at figuring out stock prices and company earnings than most Walll Street pros. More