Senate Financial Reform Bill Passes the Senate
May 26th, 2010
Despite huge opposition from the big Wall Street banks, the financial reform bill passed in the Senate on May 20th. This is an important step in reining in the casino economy and in 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 protect them from questionable mortgages and credit card deals.
- End the casino economy bring the $600 trillion derivatives market into the light of day with the advent of exchange trading (transparency) and capital requirements (insuring accountability).
The next step in the legislative process is the House and Senate conference committee which will hammer out the differences between the 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.