WASHINGTON (Reuters) - A landmark Wall Street reform bill cleared a procedural test vote in the U.S. House of Representatives on Wednesday, setting up a final vote on passage as soon as Wednesday evening.
The Senate will not vote until mid-July on the measure, which would curb risky trading and investing by banks, protect financial consumers and give the government a better way to deal with failing financial firms.
The House voted 234-189 to approve a rule on how to proceed with the final vote on passage.
The bill is meant to prevent a repeat of the 2007-2009 financial crisis that dragged the economy into a deep recession, triggered massive bank bailouts and unleashed a wave of regulatory reform proposals worldwide.
After more than a year of debate, Congress is finally completing the legislation. If the Senate ultimately approves it next month, President Barack Obama was expected to promptly sign the measure into law.
Banks profits would be cut under the bill, while a new government financial consumer watchdog would be set up.
(Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama)
