US financial reform bill wins key backing

13 July 2010

US Senator Chris Dodd's controversial financial overhaul reform bill has earned the support of three key Republican lawmakers, according to a report.

A Reuters article revealed that Olympia Snowe, Scott Brown and Susan Collins are now set to vote in favour of the legislation later this week, although it remains unclear whether the new regulations will receive the 60 votes required to pass into law.

"We will finish our work on this bill this week to ensure that these critical protections and accountability for Wall Street are in place as soon as possible," said Democrat Senate leader Harry Reid.

The bill has already been approved by the House of Representatives and a period of fierce lobbying has followed to ensure it gains Senate backing, which could prove crucial to the Democrats ahead of November's elections.

Last week, UK chancellor George Osborne told CNN he is "quite attracted" to the American Volcker rule, which would restrict banks' dealings in proprietary trading.

By Asim Shah

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