WASHINGTON — Legislation making it easier for small businesses to raise money survived a test vote in the Senate on Wednesday, increasing the chances it could emerge as one of the few bipartisan bills to pass Congress during this election year.
The procedural vote was to cut off debate and move the measure toward passage. Only a day earlier, the legislation that had passed the House two weeks ago appeared in danger of dying.
The 76-22 vote to move forward sets up a vote on final passage planned for today.
President Barack Obama has expressed support for the legislation, which would ease some federal rules so small companies and innovators could more easily attract investors and go public. But the White House has said it supported Senate Democratic efforts for adequate safeguards for potential investors in light of any reduced government oversight over investment transactions.
Senate Republicans said the legislation was a bipartisan effort to eliminate federal red tape and create jobs.
