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.
Wells Fargo CEO John Stumpf has forfeited about $41 million worth of equity rewards as punishment for the company's massive fraud scandal. More
Despite attacks from Republicans including Donald Trump, the Federal Reserve is a big money maker for U.S. government. More
SpaceX CEO Elon Musk laid out his plan to put humans on Mars to eventually form a self-sustaining colony. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More