The Senate vote, 93-5, signaled that Republicans are working with Democrats to move forward on the financial overhaul package, after agreeing last week to let debate begin.

Sen. Christopher Dodd, D-Conn., worked with Sen. Richard Shelby, R-Ala., for weeks on changes to a part of the bill that deals with taking down falling financial firms. They reached a deal on principle last week, announcing the deal on May 5.

Among the more significant changes, senators dropped a tax on banks that would have funded a US$50 billion pot of money that regulators could tap to help take down failing banks. Now the bill stipulates that banks will be taxed to pay for unwinding banks after a collapse.

"Whether they pay in advance or after the fact, these costs will be paid by Wall Street and not the taxpayers," Dodd said. "I was rather agnostic on it."

Dodd and Shelby also included in their amendment a proposal that toughens up rules that regulators already have to ban bank directors and managers who have recklessly violated regulations from future jobs in the financial sector.

Shelby said he was pleased with the agreement, which attracted many Republican votes.

"Fortunately, we've resolved some of the concerns some of us have expressed about government bailouts," Shelby said on May 5.