May 25th, 2010
03:01 PM ET
5 years ago

Wall Street reform: Who won, who lost (so far)

Who is set to win and lose from proposed Wall Street reform legislation?
Who is set to win and lose from proposed Wall Street reform legislation?

Washington (CNNMoney.com) - With Congress perhaps just weeks away from finishing Wall Street reform, the key financial players are just now realizing who's poised to win and lose from the legislation.

The Senate passed its bill last week, and the House finished in December. Only a few questions remain in play, as key lawmakers from both chambers begin the process of reconciling differences in an effort to gain final passage and a presidential signing ceremony by July 4.

Experts believe the biggest losers are Wall Street banks, and the biggest winners are consumers, as well as credit unions and smaller community banks.

"It was quite a success," White House economic adviser Austan Goolsbee said in an interview last Friday, heralding gains for consumers. "It's the toughest, strongest consumer protection we've ever had in this country on financial stuff."

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Filed under: CNNMoney.com • Financial Reform • Wall Street
soundoff (15 Responses)
  1. mike

    This question is way too easy. Just like everything else that comes out of Washington, ppoliticians win, businesses win, taxpayers lose!

    May 25, 2010 03:05 pm at 3:05 pm |
  2. Rob Johnson

    Much like health care, I think the current Wall Street system is so thoroughly broken that any attempt at improvement is bound to be better than the status quo.

    If it doesn't work, we'll learn from our mistakes and make appropriate changes to the law. That's called progress, as in progressive.

    Then again, we could just do nothing and wait for the "Invisible Hand" of the marketplace to fix everything. Sometimes I wonder if the conservatives who talk about things like that believe in the Tooth Fairy and the Easter Bunny as well.

    May 25, 2010 03:13 pm at 3:13 pm |
  3. ATL Guy

    Poor Scott Brown – the Tea Party now hates his guts because he's part of the government apparatus. If he wants to keep his job, he needs to serve the people of Mass. and not peddle to the Tea Party crazies.

    May 25, 2010 03:21 pm at 3:21 pm |
  4. Tulsa

    OK, so big investment banks (the ones who trashed the world economy by creating and abusing synthetic investment vehicles) get smacked down, the little guy, credit unions and community banks (where we little guys get credit for personal and small business needs) get a bump......

    So why are the Republicans voting no?

    May 25, 2010 03:36 pm at 3:36 pm |
  5. jeff jackson, alabama

    I would hardly say that consumers are winners
    in this. If you have good credit and decide you want
    to buy a new lawn mower, motorcycle, or home
    repairs, instead of going to a representative of
    that service or item and letting them finish up
    the deal for you at a great rate and send you home
    with the item on the spot, now you have to go to a
    bank and wait on them to process your loan at
    a higher rate. Great new 1920's style convenience
    for someone who works hard and pays their bills.
    And folks, this is just the tip of the ice berg.
    Wall Street 's name was used to push this bill
    but you and I are the ones being punished.

    May 25, 2010 03:51 pm at 3:51 pm |
  6. honest abe

    To the very best of my mere human recollection,
    the mess we are in was caused by Fannie and
    Freddie. Now these are banks. Why should banks
    be winners in a bill that was supposed to be written
    to protect all of us from THEM. One word for our
    leaders in Washington D.C.....LUNACY !

    May 25, 2010 04:03 pm at 4:03 pm |
  7. Jim Brodie

    Good! Down with the banks, up with the credit untions. Go consumers!! I hate citibank, who holds my mortgage. They have zero customer service, and it takes forever to get them to correct their own mistakes. And before any of you free marketeers tell me that if I don't like them I shouldn't do business with them, I got my mortgage about 4 years ago from another bank, who sold it to a mortage company who was bought by citibank. I had no say in the matter. The only way out for me is to refinance with another company, but there is no guarnatee they won't sell it to citibank or get taken over by them.

    May 25, 2010 04:07 pm at 4:07 pm |
  8. Doug

    WE LOOSE because of Obama's misguided policies.

    May 25, 2010 04:10 pm at 4:10 pm |
  9. stunned democrat

    I am in a little state of shock. I thought the banks
    and credit unions were in the republican's pockets.
    Well surprise, surprise.

    May 25, 2010 04:17 pm at 4:17 pm |
  10. BeverlyNC

    Although Republicans once again tried to kill restoring regulation and accountablility to the banks, the Democrats passed the financial reform to best protect the People.

    That is what Democrats have done all year and need to get more credit for doing – every new law has been for the benefit of you and I. All of it has been to stop abusive banks, insurance companies, credit card companies, and to give us more power against these corporations who make our lives hell.

    Republicans have done NOTHIING but try to keep their corporate buddies from having to follow any rules or be held accountable for anything. Republicans have worked against Americans all year and now they want us to vote for them????

    They are delusional if they think we are going to vote for traitors to our best interests and who did nothing but lie, spread hate and fear, ingnite racism, and not offered one single solution to the issues we face. All they support are lunatic tea baggers who are openly racist, white, carry guns to their issueless "rallies" and have been arrested for death threats to Democratic Party leaders.

    We the voters can use our NO vote too when November comes and Republicans will be seeing how fed up we are with their do-nothingness and lies.

    May 25, 2010 04:19 pm at 4:19 pm |
  11. Laura, Paulden AZ

    Who won? Big business and politicians thats who...Who lost we the American people did because we voted in Obama and his "change" motto...that kool-aid was really spiked...we all had hangovers for quite some time but no more...!!! Vote the bums out!!!

    May 25, 2010 04:31 pm at 4:31 pm |
  12. Chessnutz of Liverpool NY

    This is a beginning but those who committed the crimes in 2006,2007,2008,2009 are still not going to jail. What good are the laws if you are not going to enforce them?
    Hundreds of bankers, insurance, investors, hedge fund managers should be in jail right now, but we are not even charging them with the obvious crimes of fraud and insider trading that caused this economic meltdown.

    May 25, 2010 04:33 pm at 4:33 pm |
  13. Laura, Massachusetts

    @ATL guy...The people in MA think quite highly of our new Senator. I don't think he will have a problem being re-elected. So far he has voted his conscience and has voted both with dems and republicans.

    Kind of like "Mr. Smith goes to Washington" (an old movie with Jimmy Stewart).

    Laura, Boston MA

    May 25, 2010 04:36 pm at 4:36 pm |
  14. doug

    Definition of a consumer- anyone who buys at wal-mart, but if what they bought is foreign made, we still lose.

    May 25, 2010 04:41 pm at 4:41 pm |
  15. Wisconsinite - Conservatives want to take their country back. Progressives want to move their country forward.

    "Experts believe the biggest losers are Wall Street banks , and the biggest winners are consumers"

    And there's the answer to the question: Why are Republicans voting "no"? Do yourself and your country a favor. Vote NO to Republicans!

    May 25, 2010 04:43 pm at 4:43 pm |