Financial Reform one step closer.
Posted on 26 May 2010
Despite huge opposition from the big Wall Street banks, financial reform has passed the Senate! This is a huge step toward creating a banking system that serves Main Street, not just Wall Street.
Here’s what the Senate bill will do if made law:
- Create a Consumer Financial Protection Bureau. The CFPB will be a watchdog for consumers to make sure mortgages, credit cards and other financial products aren’t full of tricks and traps in the fine print.
- End the casino economy and bring sunlight to shadowy derivatives market. The $600 trillion derivatives market will now have the light of day shining on the market (with exchange trading) and be held accountable with capital requirements (with clearing).
Next up, the House and Senate will have a conference committee to hammer out the differences between their two bills. (Read about the House version here.) Once the committee agrees on a bill, it must be passed by a majority in the House and by 60 votes in the Senate.
Almost there – though the current bill is compromised somewhat by the well funded interests of the banking industry, every little bit helps.
Related posts:
- Dodd Slams Financial Industry for Opposing Consumer Protections.
- REMINDER April 6 Webinar with Elizabeth Warren on the CFPA
- Just say “NO” to anything that falls short of meaningful Healthcare Reform!
- Finally somebody who has a clue how to handle this financial crisis.
- Why is a public option a necessary component of meaningful health care reform?
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