Congress Passes Financial Regulation Bill
Mary F. Calvert for The New York Times
Senators Christopher J. Dodd and Harry Reid and after the bill was passed.
By DAVID M. HERSZENHORN
Published: July 15, 2010
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CloseLinkedinDiggMixxMySpaceYahoo! BuzzPermalink WASHINGTON — Congress on Thursday gave final approval to an overhaul of the nation’s financial regulatory system, intended to address the causes of the 2008 economic crisis and rewrite the rules for a more complex — and mistrustful — era on Wall Street.
Financial Regulation: The Hope and the Worry
Senator Christopher J. Dodd, right, and Representative Barney Frank, shown in May, are the chief authors of the bill mandating a sweeping overhaul of the nation’s financial regulatory system.
The vote by the Senate was 60 to 39, with three Republicans from the Northeast joining with the Democrats in voting to advance the legislation.
One Democrat, Senator Russ Feingold of Wisconsin, voted against the bill, saying it was still not strong enough to prevent future crises. And the seat held by Senator Robert C. Byrd, Democrat of West Virginia, who died last month, is vacant.
"We want to make sure this disaster never happens again," the Senate majority leader, Harry M. Reid of Nevada, said after the vote. "The solution has to start here."
Mr. Reid added, "No more bailouts. No bank is too big to fail."
The House approved the bill in June by a vote of 237 to 192, and there, too, only three Republicans voted in favor.
The legislation now heads to President Obama for his signature, and the White House said it was already planning a ceremony next week to mark the completion of another landmark pi
Mary F. Calvert for The New York Times
Senators Christopher J. Dodd and Harry Reid and after the bill was passed.
By DAVID M. HERSZENHORN
Published: July 15, 2010
Share
CloseLinkedinDiggMixxMySpaceYahoo! BuzzPermalink WASHINGTON — Congress on Thursday gave final approval to an overhaul of the nation’s financial regulatory system, intended to address the causes of the 2008 economic crisis and rewrite the rules for a more complex — and mistrustful — era on Wall Street.
Financial Regulation: The Hope and the Worry
Senator Christopher J. Dodd, right, and Representative Barney Frank, shown in May, are the chief authors of the bill mandating a sweeping overhaul of the nation’s financial regulatory system.
The vote by the Senate was 60 to 39, with three Republicans from the Northeast joining with the Democrats in voting to advance the legislation.
One Democrat, Senator Russ Feingold of Wisconsin, voted against the bill, saying it was still not strong enough to prevent future crises. And the seat held by Senator Robert C. Byrd, Democrat of West Virginia, who died last month, is vacant.
"We want to make sure this disaster never happens again," the Senate majority leader, Harry M. Reid of Nevada, said after the vote. "The solution has to start here."
Mr. Reid added, "No more bailouts. No bank is too big to fail."
The House approved the bill in June by a vote of 237 to 192, and there, too, only three Republicans voted in favor.
The legislation now heads to President Obama for his signature, and the White House said it was already planning a ceremony next week to mark the completion of another landmark pi