Wall Street Reform

Senate Democrats reportedly has the 60 votes to pass Wall Street reform. Even some Republicans are joining into the vote to pass the bill.

Republican Senators Olympia Snowe (Maine) and Scott Brown (Mass.) announced their support of the bill. Republican Senator Susan Collins has said she is inclined to support the bill.

The 2,315-page conference report is the second major legislative overhaul, after healthcare reform, that has been approved by the Democratic Congress. The legislation aims to prevent future taxpayer-funded bailouts; would boost regulation over credit cards, mortgages and other products; regulate the $600 trillion derivatives market; and increase oversight of broad financial system risks, among other measures.

Democratic Senator Russ Feingold is expected to vote against the bill. Senator Maria Cantwell (D-Wash) who previously voted against the bill says she will now support it.

But, Senator Ben Nelson (D-Neb.) is still on the fence hasn’t decided yet.

[Source: The Hill]

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