July 15th, 2010
07:41 AM ET
4 years ago

It's Wall Street reform's crucial day

 The Senate is poised to pass financial reform legislation on Thursday.
The Senate is poised to pass financial reform legislation on Thursday.

Washington (CNNMoney.com) - The Senate is expected to vote Thursday morning to finish up Wall Street reform - overcoming a last 60-vote procedural hurdle that, once cleared, assures safe passage to President Obama's desk next week.

The bill aims to strengthen consumer protection, shine a light on complex financial products and establish a new process for shutting down giant financial firms in trouble.

The procedural vote is critical because of its high threshold. To secure 60 votes, Senate Democrats made lots of deals, which watered down the bill. For example, Wall Street banks will get wiggle room to make limited risky bets, which is tougher than the current law but weaker than earlier drafts.

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Filed under: CNNMoney.com • Financial Reform • Senate • Wall Street
soundoff (23 Responses)
  1. g

    the wall street mafia

    July 15, 2010 08:35 am at 8:35 am |
  2. Keith in Austin

    The hand of BIG Government reaching again into the private sector! Cap and Trade is next comrades!

    July 15, 2010 08:36 am at 8:36 am |
  3. awaitingliberalizationbyCNN

    It's a democratic liberal idea, favored by the Obozo administration so one has to wonder how much this will cost the hard working American taxpayers they call racist, neanderthals and unAmerican, and how does it favor the dope smoking, racist, sexist, corrupt union, inept, incompetent,non taxpaying people that so embrace them.

    July 15, 2010 08:50 am at 8:50 am |
  4. Rob Johnson

    I look forward to hearing any Republican who votes against this explain in November how they are a salt of the Earth populist who is fighting for the little guy.

    Let's not forget that risky and irresponsible behavior by a handful of greedy, overentitled Wall Street fatcats was the straw that broke the economy's back. More than any other factor, this is the reason why our economy is suffering today, and we can't let it happen again.

    Don't get me wrong, the Democrats have been in bed with Wall Street for years themselves, and this bill could be better. But this is one issue where the Democrats are right, and the GOP is wrong, period.

    July 15, 2010 08:53 am at 8:53 am |
  5. mother and sister of soldiers

    We need reform but WHY is Freddie Mac and Fannie Mae not included in this bill when their debt exceeds AIG by trillions!

    July 15, 2010 09:08 am at 9:08 am |
  6. Ancient Texan

    No reform here, since no mention for Freddie and Frannie, just more government power grab and potential take-over of even more of the economy.

    July 15, 2010 09:11 am at 9:11 am |
  7. katiec

    Every voter must take note and remember every politician who votes against this bill.
    The republicans support of Wall St over the survival, protection of us nd our country is becoming more obvious, destructive with anti American, anti middle class, anti anything but big business and the rich.
    We cannot allow a political party back in office who wants to contnue their politics as usual that almost destroyed our country.

    July 15, 2010 09:15 am at 9:15 am |
  8. Hammerer

    More backroom deals and payoffs. The only way Dems know to pass a bill. Their pockets with taxpayer dollars and don't worry about the results.
    Talk about a banana republic complete with corrupt politicans, rigged elections, and everything that America once fought against.
    Aren't you proud of your government now?

    July 15, 2010 09:20 am at 9:20 am |
  9. jules sand-perkins

    Weakened or not, we need the reform bill passed.
    This reform is one of the positive aspects of President Obama's agenda for America.

    July 15, 2010 09:25 am at 9:25 am |
  10. USN

    What does racial and gender quota's have to do with reform? Another 2000 pages of hidden agenda people. Have you seen the movie befor? crouching democrat, hidden agenda ! great movie , stars obama

    July 15, 2010 09:25 am at 9:25 am |
  11. S.B. Stein E.B. NJ

    Since the business community doesn't seem to know (or care) what causes problems, then it is up to Congress and the regulators to make sure the system doesn't destroy itself and take the economy with it. I just hope that the business community would be smart enough to recognize a huge mistake is a huge mistake rather than a strange new oppertunity.

    July 15, 2010 09:37 am at 9:37 am |
  12. Anonymous

    I have a question..Why is that we the Democrats in order to pass any type of real Reform or Legislation, have to always water it down in order for the GOBP to support it ???? The same thing happenned when we tried to pass Healthcare..We had to give up the Public Option, and now we have to give up the 10 billion bank bail fund not mention other worthwhile strenghts.. My HOPE is the American People will see these folks for who they really are, and vote the other way this Nov..

    July 15, 2010 09:41 am at 9:41 am |
  13. sammieb51

    What this article leaves out when it says the bill was watered down to allow for continued risky 'bets' is that the GOP wanted to water this down – they don't want consumer investments protected even though we consumers lost $10.1 trillion in personal, pension, 401K investments in 2008 when market dropped over the year. We'd be just as well served if we took our money and bet the ponies or football.

    July 15, 2010 09:54 am at 9:54 am |
  14. musician

    Because of the new 60 vote threshold on everything, the Republicans have once again managed to make regulation weaker and the rich and powerful more rich and more powerful. Does the Tea Party have some kind of group psychosis that allows them to support the very same private interests that have trashed the economy and cost them so much?? Absolute insanity.

    July 15, 2010 10:00 am at 10:00 am |
  15. Rick McDaniel

    Getting the Dems to do it right, is a huge chore.

    July 15, 2010 10:02 am at 10:02 am |
  16. al in memphis

    The bill aims to strengthen consumer protection, shine a light on complex financial products and establish a new process for shutting down giant financial firms in trouble.

    _____________________________________________________

    There should have been no watering down of measures to prevent greedy establishment from fleeching custormers. The vote should be 100 – 0 in favor of blood suckers that ruin the retirement and livilihood of so many people.

    July 15, 2010 10:02 am at 10:02 am |
  17. Mark from Louisiana

    The republicans should have held out until Fannie Mae and Freddie Mac were included in these reforms, these two institutions are what started our economic collapse..

    Ohh well just another good reason to vote every incumbent out this fall regardless of party.

    July 15, 2010 10:03 am at 10:03 am |
  18. Dont forget to thank a Globalist if you dont have a job.

    Fear not,the reforms wont do a thing to really limit the scumbags on Wall Street.If you invest your hard earned cash with them,be prepared to lose it while they laugh at you.hahaha

    July 15, 2010 10:20 am at 10:20 am |
  19. larry

    The repugs were able to water down this bill so they could protect their own wealth while the little guy will get screwed again.

    July 15, 2010 10:22 am at 10:22 am |
  20. Len

    Do not blame Democrats for making deals. The Republicans only care about their big business friends and continue to line their pockets....Wake up America!!!!

    July 15, 2010 10:32 am at 10:32 am |
  21. bkbf

    IThere is no reform for Fannie Mae and Freddie Mac thanks to Dodd and Barney Frank the crooks that helped cause the financial crash. All this means is the banks will put the cost on us. This is the most corrupt government I have ever seen.

    July 15, 2010 10:37 am at 10:37 am |
  22. Jim

    And they say Republicans want what's best for America? Only what's best for their wallets. This bill should have passed unchanged, but instead the right-wing republicans made sure that their buddies on Wall St. got the better end of the deal. And this is what they are selling?

    July 15, 2010 10:47 am at 10:47 am |
  23. marlene

    It is amazing that the GObP is unscathed in the press and general public for any shared blame of the current problems facing America. The GObp has done "nothing" for 19 months while America struggles. They "just say no", have no ideas or plans, implement secret holds in the Senate and just blast away like the oil gusher in the Gulf caused by BP, a company they publically favor and support. Tell me how the GObP is getting this free ride from criticism.

    July 15, 2010 10:49 am at 10:49 am |