GOP and Democratic sources tell NBC News that the House will take up the financial regulatory reform bill between 3:30 and 5:00 pm ET today.
The monumental legislation touted as "Wall St. Reform" by Democrats will most likely pass the House by a comfortable yet small margin.
In December of 2009, the House passed its version of "Wall St. Reform" 223-202. No Republicans supported the legislation and 27 Democrats broke with their party and voted against the bill.
After passing the House, the financial regulatory reform bill will be sent to the Senate where Harry Reid (D-NV) must get 60 votes for cloture so a final vote can be had on the legislation.
The final vote in the Senate is expected to occur the week of July 12th due to the fact that Sen. Byrd will be lying in repose in the chamber tomorrow and many senators will not be in Washington on Friday to attend Byrd's funeral in West Virginia on Friday.
The Senate and House break for a week long July 4th recess this Friday.
The Senate Banking Committee Tweeted: "Reid says the Senate will vote on Wall Street Reform after the July 4th recess."
This pretty much confirms what was known in the halls of Capitol Hill, a final Senate vote on financial regulatory reform will happen after the 4th of July recess.
*** UPDATE *** The House is now debating the rule for the financial regulatory reform bill.
This is the first step in the process of passing the bill.
After a vote on the rule around 2:30pm the House will then have two hours of general debate on the financial regulatory reform bill itself.
Once that is completed, Speaker Pelosi will then move for final passage. Right now that looks like it'll happen between 5pm-6pm.