The Senate passed financial reform by a vote of 60-39 on Thursday,
reports MSNBC.
It gives regulators broad authority to rein in banks, limit risk-taking by financial firms and supervise previously unregulated trading. It also makes it easier to liquidate large, financially interconnected institutions, and it creates a new consumer protection bureau to guard against lending abuses.
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About Featheriver
Born and raised in Oklahoma. Improved in California. Out to pasture in Nevada.
Born in 1933, Korean War Vet in USAF. Occupation: Criminal Law and Torts. Retired California Lawyer. Now live in Pahrump, Nye County, Nevada.
If Democratic Senator Russ Feingold voted against it, it must be trash. Feingold has repeatedly sponsored financial regulatory bills ensuring against future collapses. A decade ago, he was one of eight senators who opposed the repeal of the Glass-Steagall law. Two years ago, he was one of just 15 senators who opposed the Wall Street bailout that steered close to a trillion U.S. tax dollars into the accounts of the banksters, GM, AIG, and “friends du jour”. If it’s titled Dodd-Frank, it’s gotta be good!