Breakthrough on Wall St. reform bill

The republicans will not block financial reform legislation opening up the opportunity for the biggest changes on Wall Street since the Great Depression.

Bowing to internal pressure within their own party, GOP senators agreed to let the debate on an overhaul proceed, and things look good for a relatively quick success for the Obama administration.


"We'll end up having a safer, more secure financial system," Obama said, "and I think banks and other financial institutions can get back to making money the old-fashioned way by lending it to companies to build business and create jobs and do all the things we want our financial system to do."

 

Senate Banking Committee Chairman Christopher Dodd, D-Conn., right, and the committee's ranking Republican Sen. Richard Shelby, R-Ala., emerge from a meeting on Capitol Hill in Washington, Monday, April 26, 2010, ahead of a crucial test vote for the financial reform bill.