Financial Reform Passes The Senate
President Obama scored another big legislative victory in the Senate tonight.
The Senate approved a far-reaching financial regulation bill Thursday evening, paving the way for enactment of the most extensive reworking of financial oversight in generations and a second major legislative victory of the year for President Obama and congressional Democrats.
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The Senate voted 59 to 39 in favor of the legislation. It came just hours after 60 senators voted to end the debate on the measure — the minimum required. Two discontented Democrats broke party ranks to vote against the measure but Republican Sens. Olympia J. Snowe and Susan Collins of Maine, and Scott Brown of Massachusetts, voted to proceed.
Some good things remained in the bill, like the Consumer Financial Protection Agency (although a weakened version of Carper’s amendment did pass) and Bernie Sanders’s Fed audit amendment. Other good ideas failed to make the bill such as banning of naked credit default swaps, reinstitution of Glass Steagel or breaking up the “too big to fail” banks. Hopefully this is a step in the right direction.
Tags: Financial Reform, U.S. Senate
let’s hope that we can get some necessary improvements inserted during compromise–the House bill had several better features than what the Senate passed
It’s a small step when we needed a giant step, but it’s better than nothing.
“That being said, I do represent Delaware and in Delaware the credit card business is a major, major part of our industry, just like in West Virginia [where] coal is a major part of their industry,” he said.
ted kaufman….De’s Joe Biden with more hair
and fewer facelifts.
Funny how the Right Wing media failed to really cover this story… which also contained the most bi-partisanship on major legislation yet…. must have been afraid it wouldn’t make Obama look like that antichrist.
Donviti has a point. Kaufman voted yes on Carper’s amendment. You could look at that two ways: either Carper’s revised amendment wasn’t that bad or Kaufman is some kind of sell-out.