Senate passes sweeping Wall Street reform

The Senate passed on May 20 the most sweeping regulatory overhaul of the U.S. financial system since the New Deal. The bill, which passed 59-39, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms, while aiming to stop bailouts, shine a light on complex financial products and strengthen consumer protection. The bill only needed 51 votes to pass. Four Republicans voted for it and two Democrats voted against it.

The bill brought hot discussions on a reform for Wall Street. In the end, both Houses of Congress and the American public appear to believe that greater consumer protection and limits on banks’ risky gambling with investors’ money are justified limitations on an industry that proved unable to self-manage its greed and excesses.

Source: CNN Money


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