May 21st, 2010
08:00 AM ET
4 years ago

Senate passes sweeping Wall Street reform

The Senate passed late Thursday night the most sweeping regulatory overhaul of the financial system since the New Deal.
The Senate passed late Thursday night the most sweeping regulatory overhaul of the financial system since the New Deal.

Washington (CNNMoney.com) – The Senate passed late Thursday night the most sweeping regulatory overhaul of the financial system since the New Deal.

The bill, which passed 59-39, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms, while aiming to stop bailouts, shine a light on complex financial products and strengthen consumer protection.

The bill only needed 51 votes to pass. Earlier in the evening, the bill cleared a tougher hurdle, a 60 vote threshold, ending a filibuster against stopping debate.

"We've made great progress ... it's been hard to get to this point," said Senate Majority Leader Harry Reid. "It's been a good debate. It's been the way the Senate should operate more often than it has."

Senate passage marks the last tough hurdle for financial overhaul which has been more than a year in the making. The bill will now be reconciled with the House version in "conference" negotiations, where differences are ironed out. Then both chambers vote again and send the compromised bill to the president.

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Filed under: Congress • Wall Street
soundoff (14 Responses)
  1. ronalde

    i just hope the senate doesn't try to water this bill down,we need real reform and wall street needs to be held accountable.

    May 20, 2010 09:09 pm at 9:09 pm |
  2. Dennis

    After what we have gone through over the past two years as a result of the greed and corruption on Wall Street, it is time this passed. The greatest recession since the Great Depression can about by the greed of mortgage underwriters, investment bankers helped along by the politicians who get paid off by them. ANY CONGRESSMAN who voted against this bill voted AGAINST the average American citizen and should not be re-elected, unless of course you enjoy getting nothing on your savings so the banks can game the markets.

    May 20, 2010 09:14 pm at 9:14 pm |
  3. Pam

    I want the name of every Senator who voted against this bill and I want to know why.
    Whose pocket are you in if you do not want financial reform? If you are from Oregon you will never get my vote again.

    May 20, 2010 09:38 pm at 9:38 pm |
  4. Nadeem

    Bout time, I can see the commercials now gop vote against main street and vote with wall street, that will play well in november

    May 20, 2010 09:38 pm at 9:38 pm |
  5. Jerry

    Kiss all your vitamins and natural supplements good bye, BHO now controls them now. Did not read about that being attached to the bill did you?

    May 20, 2010 09:48 pm at 9:48 pm |
  6. Zeke

    Cram as many bills as you can down American throats Reid....you only have 5 months left to do so!

    May 20, 2010 10:01 pm at 10:01 pm |
  7. bkbf

    You know something is wrong with this bill when Goldman and Jp Morgan like it. This bill does nothing if Fannie and Freddie aren't included.

    May 20, 2010 10:54 pm at 10:54 pm |
  8. Marcus

    Before anyone, especially you Henry Miller (what nonsense was that about is not government's business regulate interactions with people? Did you meant that there should be no legal/judicial/criminal system?), says that this is NO government busisness...
    Just remember...
    No one was overseeing Wall Street during the subprime euphoria (before it became the fuel of the crisis).
    No one was overseing offshore drilling (just granting PART of the proper permits for it).
    No one (in the media) was checking if the 'Falcons/Hawks/Whatever those draft dodgers called themselves' militar strategy could really work (the Pentagon knew it wouldn't but they were ignored).
    And so on and on...
    There's always the need of someone (independent) overlooking what's happening to see if what's happening is really what is claimed to be happening or not.

    May 20, 2010 10:59 pm at 10:59 pm |
  9. tcaros

    Exellent news! We need to get the troops home now, overturn everything Bush did and throw Bush and Cheney in jail for treason.

    This is working out to be a good 4 years.

    May 20, 2010 11:39 pm at 11:39 pm |
  10. Pay the piper

    Right on!........dont forget about maximum security prison for Blankfein!

    May 20, 2010 11:54 pm at 11:54 pm |
  11. thomas

    THANK YOU ! Now reform the bond market !
    Until this happens there will be no correction in the market , the behavior will stay unstable and volatile.
    Accountability and responsibility !

    May 21, 2010 12:04 am at 12:04 am |
  12. JES

    Here we go again people who can't even balance the budget telling people who deal in private business what they will do.

    Sounds like a Dictatorship doesn't it.

    When will the government stay out of private businesses and when we learn to vote them out of office for what they don't know how to do.

    May 21, 2010 12:11 am at 12:11 am |
  13. Marry

    Great! Well done!!

    May 21, 2010 12:47 am at 12:47 am |
  14. ewdeeds631

    this is guaranteed to be a disaster.

    what do Senators and 23 yr old lawyers know about finances.
    probably all written by Goldman Sachs for Goldman and by Goldman.

    is there a $1MILLION dollar 'contribution' written in for Obama? or would that be $5 MILLION?

    May 21, 2010 01:46 am at 1:46 am |