The Senate passed a sweeping finance regulation bill today by a vote of 59-39 which now must be reconciled with the House bill passed previously.
The Senate on Thursday approved a far-reaching financial regulatory bill, putting Congress on the brink of approving a broad expansion of government oversight of the increasingly complex banking industry and financial markets.
Key Amendments to Senate Finance Bill
The legislation is intended to prevent a repeat of the 2008 crisis, but also reshapes the role of numerous federal agencies, and vastly empowers the Federal Reserve, in an attempt to predict and contain future debacles.
The vote was 59 to 39.
Democratic Congressional leaders and the Obama administration must now work to combine the Senate measure with a version approved by the House in December, a process that is expected to take several weeks and be completed after Memorial Day.
While there are important differences — notably a Senate provision that would force big banks to spin off some of their most lucrative derivatives business into separate subsidiaries — the bills are broadly similar, making it virtually certain that Congress will adopt the most sweeping regulatory overhaul since the aftermath of the Great Depression.
Stock markets, which dropped sharply on Thursday over concerns that the European debt crisis would weigh on the American economic recovery, briefly regained some lost ground as progress in the Senate indicated an end to the uncertainty around the financial regulatory debate. But the indexes quickly resumed their downward slide and closed down nearly 4 percent for the day.
Enactment of the bill would be a signature achievement for the White House, on par with the recently enacted health care law. President Obama, speaking in the Rose Garden on Thursday afternoon, declared victory over the financial industry and “hordes of lobbyists” that he said had tried to kill the legislation.
“The recession we’re emerging from was primarily caused by a lack of responsibility and accountability from Wall Street to Washington,” Mr. Obama said. “That’s why I made passage of Wall Street reform one of my top priorities as president, so that a crisis like this does not happen again.”
http://www.nytimes.com/2010/05/21/busin … te.html?hp
by Ralph Deeds 8 years ago
SENATE PASSES SWEEPING FINANCE REFORM BILL 59-39The Senate on Thursday approved a far-reaching financial regulatory bill, putting Congress on the brink of approving a broad expansion of government oversight of the increasingly complex banking industry and financial markets.The legislation is...
by Texasbeta 8 years ago
The House Republicans voted to defund the financial regulatory agencies that are in charge of watching those financial instruments like CDOs, CDSs, and derivatives that brought down the global economy, EXACTLY like they did before, during the 90s and 00s, which led to a huge financial boom based...
by Scott Belford 23 months ago
For eight years the Right has been fantacizing about how ACA came about in secret with nobody reading the massive bill. FALSE, but that is what the GOP is doing this week.The facts are that In considering the Affordable Care Act in 2009 and 2010, the House held - 79 hearings over the...
by Jack Lee 19 months ago
What is your opinion?In my humble opinion, these few GOP senators that is blocking the bill, are miss guided.Even if the bill is not perfectly worded, they should pass it. That way, the whole system can be revisited.How it gets implemented in detail has very little to do with the actual language in...
by IslandBites 5 years ago
What now? House republicans said they will do their own reform. But, there is division about the issue, specially after some republicans voted to passed it in the Senate. Do you think the bill will not pass? Do you think that the loss of latin votes in last elections ultimately will make the House...
by James Smith 5 years ago
The coalition government has struck a deal to produce an 'independent' press regulatory system, and has called it 'voluntary', yet publishers will be subject to fines for not agreeing to it, and sent to prison for non-payment of fines, naturally making it not...
Copyright © 2019 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|