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| May 24, 2010: The U.S. Senate approved far-reaching new financial rules on Thursday evening, May 20, 2010, aimed at preventing the risky behavior and regulatory failures that brought the economy to the brink of collapse in 2008 and cost millions of Americans their jobs and savings, according to The Washington Post. The final vote, just after 8:30 p.m. May 20, was 59 to 39. Four Republicans voted in favor of the bill, and two Democrats opposed it. "When this bill becomes law, the joy ride on Wall Street will come to a screeching halt," Majority Leader Harry M. Reid, Nevada Democrat, said after the vote. The 1,500-page measure, shepherded through the Senate by Sen. Christopher J. Dodd, Connecticut Democrat, Chairman of the Banking Committee, seeks to reshape both Washington and Wall Street. In providing for the most profound remaking of financial regulations since the Great Depression, the legislation would create a new consumer-protection watchdog housed at the Federal Reserve to prevent abuse in mortgage, auto and credit card lending. The bill also would give the government power to wind down large failing financial firms and set up a council of federal overseers to police the financial landscape for risks to the global economy. Moreover, the legislation would establish oversight of the vast market in financial instruments known as derivatives, impose new restrictions on credit rating agencies and give shareholders a say in corporate affairs. The bill now appears headed to a House-Senate conference committee, where a handful of lawmakers will work to resolve differences between the two chambers. U.S. House Financial Services Chairman Barney Frank, Massachusetts Democrat, said he aims to quickly wrap up that task. "I think the President will sign this bill before the Fourth of July," Frank said. |
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