June 25th, 2010
07:15 AM ET
4 years ago

Wall Street reform ready for final votes

 Major new financial reform legislation has been named the Dodd-Frank bill for Sen. Chris Dodd and Rep. Barney Frank, who led the work on the bill.
Major new financial reform legislation has been named the Dodd-Frank bill for Sen. Chris Dodd and Rep. Barney Frank, who led the work on the bill.

Washington (CNNMoney.com) - After a grueling 20-hour session, lawmakers early Friday finished melding the House and Senate Wall Street reform bills, bringing Congress closer to passing the most sweeping changes to the financial system since the New Deal.

Finishing at 5:39 a.m. ET, 43 lawmakers agreed to send to their respective chambers a final bill that aims to strengthen consumer protection, shine a light on complex financial products, create a new process for taking down giant, failing financial firms, and make them stronger to prevent such failure.

The votes were 20-11 among House negotiators and 7-5 among Senate negotiators, strictly along party lines. The room erupted into claps and hugs when it was all done, with staffers shaking hands and saying, "big bill."

Related: What's in the reform bill?

In one of their final votes, lawmakers renamed the legislation the Dodd-Frank Bill for the lawmakers who led the work on the reforms: Senate Banking Chairman Christopher Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass. The chamber erupted in cheers on the motion's approval.

"It's the most extraordinary experience," Frank said. "You hate to have the kind of pain that so many people went through in this economic crisis, but it just doubled our resolve to get it done."

Frank and Dodd insisted on pushing forward and wrapping up the negotiations, to ready the bill for final passage by each chamber before Congress adjourns for the Independence Day recess.

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Filed under: Barney Frank • Chris Dodd • CNNMoney.com • Financial Reform • issues
soundoff (11 Responses)
  1. Chessnutz of Liverpool NY

    What is the point? We all ready have hundreds if not thousands of existing laws that the Government chooses to NOT enforce. Why make more laws?
    Anyone with the least amount of common sense would know that many of these laws were broken and because of the Government's refusal to enforce the laws we have we had an economic meltdown.
    After the melt down did we investigate and prosecute those who committed these crimes of fraud and insider trading? No our Government leadership bailed them out using taxpayers as the back stop. It is We (the little) People who are now burdened with a near 14 trillion dollar debt and no one has been criminally charged?
    I ask you why make more laws if the Government will choose not to enforce them?

    June 25, 2010 08:00 am at 8:00 am |
  2. g

    someday when the republicans take control regulations will end up in the garbage

    June 25, 2010 08:01 am at 8:01 am |
  3. mother and sister of soldiers

    Has there been any explanation about why this needed reform excluded Frannie Mae and Freddie Mac? They need to be addressed as well and the private banks should not be the ones responsible for their bailouts. Of course, these are institutions close to the dems heart.

    June 25, 2010 08:27 am at 8:27 am |
  4. jp,michigan

    Why haven't the congress taken toreform of Freddie and Frannie? How long will the American people be paying for them to survive? Enough is enough. Someone is benefiting from their exsistance, and it is the taxpayer!

    June 25, 2010 08:31 am at 8:31 am |
  5. Don of Iowa

    The Frank and Dodd bill insured we as Americans got taken to the cleaners. They weakened this bill so much that in essence it does absolutely nothing to prevent another financial sector meltdown. So after all the hoopla and all this time we are no better off than we were before this major crisis almost took the country down so in a couple of years the financial sector has been set up to repeat it's acts and this time put this country and most of the world in a Depression that will make the Great Depression look like a small recession. We are doomed because when it came time to stand up to the financial sector and bar those acts that could destroy us the politicians did not have the nerve or the will and the Financial clowns of Wall Street won the day.

    June 25, 2010 08:36 am at 8:36 am |
  6. Get A Grip

    Dodd and Frank....'foxes guarding the hen house'

    And, how about that.... '5 day public viewing period before signing'

    Obama wouldn't know the truth or how to tell it if it slapped him in the face.

    June 25, 2010 08:39 am at 8:39 am |
  7. Jerry

    Here we have the two people that were supposed to be watching the till and now we are bankrupt. History will not be kind to either of these poor excuse for men.

    June 25, 2010 08:41 am at 8:41 am |
  8. Keith in Austin

    Dodd and Frank! Ha ha! Two crooks that played major roles causing America's economic collapse in the first place due to their mandates to make real estate loans to everyone whether they could afford the mortgage or not! Dodd and Frank? Culpable in Countrywide Mortgage schemes, Fannie Mae mis-management, tax evasion etc. etc. Just another example why liberal Democrats need to be ousted! May God help the taxpayers of America!

    June 25, 2010 08:48 am at 8:48 am |
  9. Ancient Texan

    It makes no sense whatsoever that the two that brought the economy to it's knees are also the leaders of the reform! What is the end result? More of same, since they didn't include FREDDIE/ FANNIE.

    June 25, 2010 09:00 am at 9:00 am |
  10. USN

    frank/dodd the people that caused the crisis now make sure they will profit more and fannie and fredy are back to the same thing that caused the frist collapse ...good job obama you have removed more choice and freedom , you are close to supreme leader

    June 25, 2010 09:04 am at 9:04 am |
  11. johnnyhouse

    You can bet you are going to get Wall Street Reform when you see two of the slickest operators in Washington in your photos.Sort of like putting a sprout guarding the candy supply. Why are both of them not gone from our government? You lock Burney Madow up for the same scheme that was Fannie Mae and Freddie Mac-( bilking the public). We can not see the woods for the trees it seems.

    June 25, 2010 09:06 am at 9:06 am |