Financial reform passes

 Posted by at 15:29  economy, Politics
Jul 152010
 

It only took two years and only three Republicans (Olympia Snowe, Susan Collins and Scott Brown) voted for it, but…

Senate passes sweeping Wall Street reform

Congress on Thursday passed the stiffest restrictions on banks and Wall Street since the Great Depression, clamping down on lending practices and expanding consumer protections to prevent a repeat of the 2008 meltdown that knocked the economy to its knees.

A year in the making and 22 months after the collapse of Lehman Brothers triggered a worldwide panic in credit and other markets, the bill cleared its final hurdle with a 60-39 Senate vote. It now goes to the White House for President Barack Obama’s signature, expected as early as Wednesday.

The law will give the government new powers to break up companies that threaten the economy, create a new agency to guard consumers in their financial transactions and shine a light into shadow financial markets that escaped the oversight of regulators.

UPDATE: Remarks by the President…

Transcript follows break.

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