Senate Passes Financial Overhaul Bill (NY Times)

Senate Passes Financial Overhaul Bill

By DAVID M. HERSZENHORN
Published: May 20, 2010

WASHINGTON — The Senate on Thursday approved a far-reaching financial regulatory bill, putting Congress on the brink of approving a broad expansion of government oversight of the increasingly complex banking system and financial markets.

The legislation is intended to prevent a repeat of the 2008 crisis, but also reshapes the role of numerous federal agencies, and vastly empowers the Federal Reserve, in an attempt to predict and contain future debacles.

The vote was 59 to 39, with four Republicans joining the Democratic majority in favor of the bill. Two Democrats opposed the measure, saying it was still not tough enough.

Democratic Congressional leaders and the Obama administration must now work to combine the Senate measure with a version approved by the House in December, a process that is expected to take several weeks and be completed after Memorial Day.

http://www.nytimes.com/2010/05/21/business/21regulate.html?partner=rss&emc=rss

Yeah, that's "reform" :eyes:

Cantwell and Feingold were correct. This sucks.