Congress Passed Wall Street Financial Reform Bill – After nearly two years of waiting, Democrats’ Wall Street Financial Reform Bill has finally been passed in the Congress. This was the second major victory for President Obama and his Democratic leaders after the successful passage into law of the health care reform bill.
The Wall Street Financial Reform Bill was aimed to tighten the existing government regulations and end practices such as corporate bailouts using taxpayers money blamed for leading to the financial crisis which we experienced last 2008. In addition, this financial reform bill would give the government the authority to dissolve companies that would threaten the US economy and form a new agency to supervise both lenders and borrowers in their financial transactions. Under this bill, lenders would be enforced with stricter restrictions on the kinds of mortgages they could write for the borrowers. In the same time that borrowers would be guarded against hidden fees by this bill, they would also be needing to present proofs of evidence for repayment this time before they can event get a loan.
The victory came after the 60-39 vote on the Congress. Among the Republicans, only three of them voted for the Wall Street Financial Reform Bill and these were Senators Scott Brown from Massachusetts and Olympia Snowe and Susan Collins, both from Maine. On the Democrats’ side, only one of them voted against the bill and that was Senator Russ Feingold of Wisconsin who claimed that it ‘was not tough enough for the financial industry.’
The Wall Street Financial Reform Bill is expected to be signed by President Obama next week to finally become a law. According to Obama, this bill will bring greater security to folks on Main Street, small businesses, community banks and credit unions who play by the rules, and shareholders and investors who want to see their company grow and thrive.
Below is Obama’s speech on the Wall Street Financial Reform Bill vote: