The United States Senate is to debate a bill on reform of the country's financial system after Republican Senators agreed to drop their blocking tactics and discuss it openly. Republicans had blocked action on the bill for three consecutive days. The agreement came after Democrats threatened to hold an extraordinary all-night session in the Senate. Republicans insisted they had won some crucial concessions from Democrats, including the elimination of a 50 billion dollar fund that would be used to help pay for dismantling big financial firms in distress. President Barack Obama said he was very pleased the proposals would be debated, and that Americans must never again allow the financial practices that triggered the global economic crisis. But he warned that he would oppose any legislation that he felt was too heavily influenced by lobbyists trying to protect Wall Street.