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Financial overhaul legislation clears Senate hurdle

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The most far-reaching overhaul of financial rules since the Great Depression moved to the verge of enactment as senators approved a key procedural measure that sets the stage for a final vote.

The most far-reaching overhaul of financial rules since the Great Depression moved to the verge of enactment Thursday as senators approved a key procedural measure that sets the stage for a final vote.

Senators voted 60-38 to cut off debate on the sweeping legislation and are expected to hold a final vote later Thursday. Three Republicans — Scott Brown of Massachusetts and Susan Collins and Olympia Snowe, both of Maine — joined all but one Democrat in helping supporters reach the 60-vote margin necessary to overcome a filibuster.

Only a simple majority of the Senate is needed to pass the overhaul, which now is virtually assured.

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