Senate passes financial reform measure

WASHINGTON, May 20 (UPI) -- The U.S. Senate Thursday passed financial regulation reform legislation supporters said is meant to prevent a repeat of 2008's financial meltdown.

The bill passed 59-39 hours after the Senate voted to end debate on the measure, which would give the government greater powers to regulate banking and financial markets.

The bill, which must be reconciled with similar legislation passed by the House in December, gives new responsibilities and authority to federal agencies including the Federal Reserve, The New York Times reported.

The earlier cloture vote was 60-40, with freshman Sen. Scott Brown, R-Mass., among those Republicans joining most Democrats in voting to end debate and proceed to a vote.

To win Brown's vote, Senate Majority Leader Harry Reid, D-Nev., reassured him "issues related to Massachusetts … will be fixed before it is signed into law," CNN quoted Brown spokeswoman Gail Gitcho as saying.

Sen. Maria Cantwell, D-Wash., voted no, concerned about what she considers a loophole in the new derivatives trading regulations, the Times reported. Sen. Russell Feingold, D-Wis., also voted no, objecting the bill is not tough enough to head off another financial crisis.