The United States Senate has finally passed the Wall Street reform bill. The Senate first voted to stop discussion and finish the voting. 50 of the 51 needed votes for passing the bill were already promised, so an easy passage was expected. . The President’s desk is the next stop for the bill. The President’s decision is expected by next week at the latest.
The Wall Street reform bill finally headed for final decision
The Senate first had to vote to kill discussion. The Senate voted 60 to 38 to bring it to a vote, as outlined by CNN Money. Final voting began soon after. A financial reform bill has been within the works since spring 2009. Key Senate Republicans were needed to see it through. There is nevertheless Republican opposition to the bill in both houses.
What the bill will do
Wall Street is the bills’ prime target. Specific trading and betting on the market is affected, including securities, derivatives, and repackaging and selling debt. Certain trades are mandated to go through middle men by the Wall Street reform bill, to create better insulation between trading houses. . A consumer financial protection agency that oversees consumer loans like paydayloans, mortgage loans and credit cards may also be created. The Consumer Financial Protection Bureau will be part of the Federal Reserve.
The critics have their say
The Wall Street Journal asked some economists whether they would have voted for it, and only half said they would. The economists the WSJ surveyed mostly believed the effects would be minimal at best. The House Minority Leader John Boehner has already called for the repeal of the bill and Senate Minority Leader Mitch McConnell said it will “stifle growth and kill jobs .” The bill also grants a minor oversight of the Federal Reserve, audits allowed only after emergency money are made, excluding monetary policy, and do not address Fannie Mae and Freddie Mac at all.
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money.cnn.com/2010/07/15/news/economy/Wall_Street_reform_bill_vote/index.htm
money.cnn.com/2010/06/25/news/economy/whats_in_the_reform_bill/index.htm?postversion=2010063018
online.wsj.com/article/SB10001424052748703722804575369050948609966.html
