The Senate on Thursday morning voted to move the Wall Street reform package forward, assuring safe passage to President Obama’s desk.

The Senate voted 60-38 to officially end debate on the bill. Next, the chamber will hold a final vote on it at about 2 p.m., for which only 51 votes are needed.

Three Republicans joined Democrats to support the bill.

The bill aims to strengthen consumer protection, shine a light on complex financial products and head off more bank bailouts.

To secure 60 votes, Senate Democrats made lots of deals, which watered down the bill. For example, Wall Street banks will get wiggle room to make limited risky bets, which is tougher than the current law, but weaker than earlier drafts.

What’s next: After it’s passed, the bill is expected to be signed into law, as early as Friday. Then regulators take over.

The bill leaves many tough decisions in the hands of federal regulators, ranging from the size of bank capital cushions to how much collateral firms must post to make a derivative trade.

Obama is expected to move quickly to appoint the Consumer Financial Protection Bureau’s first chief, who will get broad authority in figuring out the agency’s agenda.

Assistant Treasury Secretary Michael Barr said Wednesday that the consumer agency has a couple of mandates it needs to take care of first, such as coming up with a standard simplified application that mortgage originators can choose use.

“Congress has given pretty clear direction on what they’d like to see the agency start with,” said Barr, who is widely considered a top candidate to run that agency. Barr wouldn’t respond to a question about whether he was interested in the job.

(Source: CNN)