EDITORIAL: Keep financial reform moving

The slog to financial regulatory reform is close to the finish line in the Senate. Almost two years after housing woes and risky business on Wall Street plunged the nation into economic crisis, it's time to get this done.

The Senate could vote as soon as today to cut off debate on the reform bill. It isn't perfect - no legislation is - but allowing the debate to drag on risks adding amendments that would make a pretty good bill worse.

For instance, one proposed amendment would ban banks from making speculative investments using their own money and force them to spin off their investment operations, like hedge funds. That would undermine the competitiveness of U.S. banks and cost New York, where many are located.

Another would exempt auto dealers from regulation by a new Consumer Financial Protection Agency. That's a bad idea. Many dealers make money by connecting car buyers with financing, which can create an incentive to steer customers to costly loans even if they qualify for a better deal. Service members are often the target of such profiteering, according to military officials.

It will take 60 votes to end Senate debate, so at least one Republican will have to go along. And a Senate bill will have to be reconciled with the House bill, passed in December.

Still, Congress is closing in on reform intended to prevent a repeat economic meltdown. This is no time for dawdling. hN