Financial regulation clears hurdle

The Senate voted 60-40 to end debate on the reform package, which means that a final vote could happen as early as tonight. Still up in the air is a provision that would force banks to create special subsidiaries for their derivatives businesses. A lot of folks believe this is a terrible idea because derivatives, while sometimes abused, are an important part of the investment process. The Senate does appear to be pulling back on the provision, and House Financial Services Chairman Barney Frank told CNBC that "banks should be allowed to hedge their own financial risk." The House approved its version of financial reform late last year.