Senate OKs sweeping bank-reform bill; sends it to Obama

[Roland99]

Source: MarketWatch

Handing President Barack Obama a significant triumph in his efforts to reign in Wall Street after the financial meltdown of 2008, the Senate on Thursday approved the most historic shake-up of the regulation of U.S. banks since the Great Depression.

...

The Senate approved the legislation by a vote of 60 to 39, with the help of critical "aye" votes of three Republican senators, Scott Brown of Massachusetts, Olympia Snowe of Maine, and Susan Collins of Maine.

The new law is expected to be known as the Dodd-Frank Act, named after the legislation's two key sponsors in the House and Senate, Sen. Christopher Dodd, Democrat of Connecticut, and Rep. Barney Frank, Democrat from Massachusetts.

In many cases, such as with big bank capital and leverage restrictions, the bill gives regulators the final say rather than setting hard limits. It is unclear how tough the final bill will ultimately be until regulators approve new rules required by the legislation.

Read more: http://www.marketwatch.com/story/senate-defeats-filibuster-threat-on-bank-bill-2010-07-15?dist=countdown

---

*yawn*

[arcane1]

1. Dammit, WHY are those 3 repube votes "Critical"????

Because otherwise they might threaten to filibuster, but not, you know, actually DO it?

Make the bastards read the phone book for 12 hours at a time if they're going to play that game. Live on CSPAN.

[DJ13]

2. *yawn*

Thats the same reaction Wall Street had when it passed.

Which pretty much says how worried they are about it.

[karynnj]

7. They have known it was highly likely since the weekend - and that it was pretty likely

for weeks. They were too close to fail.

[ProSense]

3. US Senate sends Obama historic Wall Street overhaul

Source: AFP

WASHINGTON (AFP) – The US Senate gave final approval Thursday to the most sweeping rewrite of Wall Street rules since the Great Depression of the 1930s, handing President Barack Obama a legacy-shaping political victory.

The largely party-line 60-39 vote sent the 2,300-page legislation, designed to rein in risky big bank practices blamed for the 2008 global economic meltdown, to Obama for what was expected to be his swift signature.

Just three Republicans joined 55 Democrats and their two independent allies to pass the measure, while one Democrat opposed the bill.

It was the second historic legislative achievement this year for Obama, who signed a bill overhauling US health care in March but faces eroded job approval ratings in public opinion polls just months before November mid-term elections.


Read more: http://news.yahoo.com/s/afp/20100715/ts_alt_afp/usfinanceeconomypoliticsregulatecongressvote_20100715191045

[Beetwasher]

4. Another "Historic" Accomplishemnt Under His Belt In Under 2 Years

Incredible.

[no limit]

9. When the economy crashes and burns again you are right, this bill will be historic

[Beetwasher]

13. Says The Mighty Kreskin!

And you're rooting for it to happen. Rah rah. :eyes:

Pathetic and amazing how a bill that has historic regulation and oversight can be bashed by people supposedly clamoring for such things.

[Dawgs]

16. Is that you Thom Hartmann? Still waiting for DOW to fall below 5000?

Like you predicted last year.

[no limit]

18. Yup, because if history is any indicator us liberals were always on the wrong side of everything

you conserva dems were always right. Like when it came to glass-stegal, or the iraq invasion, and countless other issues.

Oh...wait...

[Roland99]

21. the 30-year downside trendline was never hit in all of these recent downturns

All kinds of analysts (incl but not limited to Elliott Wave Theorists) say the big correction still has yet to occur.

It's been staved off so far but at great cost to our national debt.

[Arkana]

17. Tell us what else you know, Stupendous Yappi!

[no limit]

27. Were you in support of the Iraq invasion? Just curious

[Arkana]

31. No, why do you ask, Mr. Yappi?

[Diane R]

28. And the doomsayers strike again. This bashing of Obama is getting tiresome.

[no limit]

29. So you are saying this bill will stop the economy from crashing? Am I understanding you right?

[zipplewrath]

11. Wasn't Clinton's bill historic too?

You know, the ones that deregulated the banks to begin with?

[ozone_man]

12. Yes, that was historic.

Some really bad mistakes are historical.

[Beetwasher]

14. And This Is Historic For Regulating, What's Your Point?

You didn't like that bill so this one MUST be bad, despite the fact it rolls back a lot of the excesses of deregulation?

[zipplewrath]

19. Historic isn't necessarily "good"

It's not even necessarily desireable. And apparently, since we do this every 10 years or so, it's not all that "historic" either.

[Beetwasher]

20. That's A Pretty Useless Point, So What? This Bill IS Solid, Despite Your Whining

And your useless opinion of what's "historic".

[zipplewrath]

22. And what was so "useful" about yours?

You're the one throwing around the "historic" label. What is so useful about it? Considering that we had an "historic" bill just 10 years ago or so, it would seem "historic" is a pretty weak label.

[Name removed]

25. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Spazito]

5. Excellent news!

Thanks for posting this, it is much appreciated!

Recommended.

[X_Digger]

6. Keeping my fingers crossed that it actually works. K&R! n/t

[no limit]

8. lol "sweeping" bull-fucking-shit

[EFerrari]

24. I wonder what the original fax looked like. n/t

[Donnachaidh]

10. *sweeping*?????

:rofl: :rofl: :rofl: :rofl:

and a broom WAS involved. :rofl:

[Dawgs]

15. It's a sad day in American politics when 60 to 39 is barely passing.

H. Reid should have fixed this broken system a long time ago.

[Kingofalldems]

23. Yeah....Yeah!!

[fasttense]

26. Another luke warm reform bill handing corporations all the exemptions

and loopholes they want. Hell, the bill doesn't even close the tax loophole that allows fund managers to pay 15% tax on their income while we all pay 34% on our wages.

Historic alright, historically weak. And that's just the way the Democratic party wants it.

[underpants]

30. Yer doin' a heckuva job Brownie

:rofl: