Kyle Bell

Democrats won a major victory on Thursday as the Senate passed Wall Street reform by a 59-39 vote. The bill would increase oversight of Wall Street banks and ends bailouts of those institutions. Only four Republicans joined fifty-five Democrats in passing the bill: Senators Scott Brown of Massachusetts, Chuck Grassley of Iowa, and both Susan Collins and Olympia Snowe of Maine.

Two Democrats voted against the bill, Senator Russ Feingold of Wisconsin and Maria Cantwell of Washington, saying that the bill did not go far enough in regulating Wall Street. Republicans opposed the legislation, saying that the government overstepped its reach. Sen. Robert Byrd, (D-WV) and Sen. Arlen Specter (D-PA) missed the vote.

“Those who wanted to protect Wall Street, it didn’t work. They can no longer gamble away other people’s money,” said Majority Leader Harry Reid. “When this bill becomes law, the joyride on Wall Street will come to an end,” he added. The bill now goes to the House of Representatives where it will be reconciled with a previously passed House version.