Thursday, May 20, 2010

Senate Passes Financial Reform

Today, the Senate passed H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009 by a 59 to 39 vote.

The bill, as amended: "calls for new ways to watch for risks in the financial system and makes it easier to liquidate large failing financial firms. It also writes new rules for complex securities blamed for helping precipitate the 2008 economic crisis, and it creates a new consumer protection agency."

The House passed its version of the bill on December 11, 2009, by a 223-202 vote.

The Senate bill will now have to be merged with the House version before going on to the President's desk for signing into law.

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