The U.S. Senate has cleared the way for passage of legislation that would restore trade promotion authority to the president—a move representing a major policy victory for many business groups.

Passage of so-called "fast-track" trade authority was a top priority for President Barack Obama but not for many in his own party, who fear it will lead to fewer U.S. jobs and lower wages. After initial opposition, the Senate voted to end debate on the bill Wednesday, setting the stage for almost certain passage. The House approved trade promotion authority last week.

In order to pass the bill, Obama partnered with Republicans and many of the same business groups that have frequently criticized him in the past.

"The business and agriculture community's near universal support played an important role in the passage of TPA," U.S. Chamber of Commerce CEO Tom Donohue said. "Members of Congress heard from thousands of small businesses, major exporters with operations across the nation, and firms from every sector—including manufacturers, services providers, and agriculture."

"The Senate has voted to help complete strong trade agreements that open new markets for U.S. businesses, farmers and workers to compete in the global marketplace, support well-paying American jobs and deliver much-needed economic growth," said Tom Linebarger, chair of Business Roundtable's International Engagement Committee.

National Retail Federation CEO Matthew Shay called the legislation "a landmark step" toward a "truly free and open economy."

"TPA will help complete trade agreements that will open new markets for U.S. companies and help retailers provide American families with the products they need at prices they can afford," he said.

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