July 15th, 2010
04:02 PM ET
4 years ago

Wall Street reform: On to Obama

Washington (CNNMoney.com) – The Senate on Thursday afternoon passed the most sweeping set of changes to the financial regulatory system since the 1930s, sending the Wall Street reform bill to President Obama.

The Senate voted 60 to 39 to pass the reforms, ending more than a year-long effort to pass legislation in response to the 2008 financial crisis. Obama is expected to sign the bill into law next week.

CNN Radio Political Notebook:


"We made a promise in the fall of '08 that we'd do everything in our power to see to it we'd never again put the American public in the position we were in September and early October 2008," said Sen. Christopher Dodd, D-Conn. "And we have fulfilled that promise with this legislation."

Earlier in the day lawmakers voted 60-38 to end debate on the legislation, with three Republicans joining Democrats to support it.

FULL STORY

soundoff (38 Responses)
  1. Rob Johnson

    It may not be perfect, but it's a step in the direction of taking this country back from the Uber-capitalists who drove the economy into a ditch with their reckless and greedy behavior.

    Time to tell the Wall Street fatcats that "We The People" are still in charge of America, not them.

    July 15, 2010 04:08 pm at 4:08 pm |
  2. all of America

    Beware! any time obama and his socialistic, demacratic morons ,pass any bills ,you can be assured,it will make things worse for the U S. Lies and deceit is what the dems are all about now!

    July 15, 2010 04:09 pm at 4:09 pm |
  3. La Piovra

    I wager that for this, some correspondent to this very column will call the President a zoo animal, too.

    July 15, 2010 04:09 pm at 4:09 pm |
  4. Four and The Door

    It's got all of the features of a bill Obama will sign:

    1. It grows government.
    2. It makes things more difficult for small businesses, and
    3. It will probably do the opposite of what it is intended to do.

    "Joe! Get me a pen!"

    July 15, 2010 04:10 pm at 4:10 pm |
  5. Bill in California

    THIS IS AKIN TO THE REPUBLICAN GUARD OF IRAQ LIGHTING UP THE OILWELLS ON THE WAY OUT OF KUWAITI, THEIR TAILS BETWEEN THEIR LEGS. November is right around the corner and what a better gift to leave the American citizenry...MORE GOVERNMENT INTRUSION. HAD this been a genuine effort by the administration and the DIMS they would have certainly included FANNIE MAE and FREDDIE MAC in this far reaching power grab.
    RIP DIMRATS 2010, EMPEROR 2012.

    July 15, 2010 04:20 pm at 4:20 pm |
  6. Michael

    In America, banks exist to serve the needs of the people, not to crush the life out of them to profit the rich. That is the old way, the feudal way, the law of the jungle. We are supposed to be more civilized than that.
    Congratulations to the Congresspersons who have proved themselves to be truly servants of the public and not corporate puppets and sycophants of the financial oligarchy.

    July 15, 2010 04:31 pm at 4:31 pm |
  7. Eric

    "We made a promise in the fall of '08 that we'd do everything in our power to see to it we'd never again put the American public in the position we were in September and early October 2008," said Sen. Christopher Dodd, D-Conn.

    Oh, so you repealed the Community Reinvestment Act of 1977 and 1996???

    Because that's what caused the problem... government mandating banks lend money to financially unqualified minority borrowers in the name of "fairness" and "equal opportunity."

    The funny thing is, Dodd and Frank are THE two biggest ducks in the pond responsible for the problem (regarding their tacit approval to back foodstamp mortgages via Fannie/Freddie) and here they are again, creating more "solutions" to clean up the mess from the last "solutions" they offered.

    Add this one to the list of items to be repealed January 2011, right after the government-hostile-takeover-of-medicine law.

    Keep punishing businesses and see how many jobs they create. Zero, zilch, nada.

    July 15, 2010 04:33 pm at 4:33 pm |
  8. JES

    Dodd does this mean you are getting out because you and most of the DEMS are the problem.

    You don't know when to stop spending.

    July 15, 2010 04:37 pm at 4:37 pm |
  9. GOP Admits to Lying About financial reform

    Republicans have admitted that because the financial reform bill is so complicated, that it's "easier to call it a job killer".

    The Republican Party thinks you're stupid.

    Are you?

    July 15, 2010 04:41 pm at 4:41 pm |
  10. ib

    Yea Dodd you hyprocrite. You are one of the reasons this country went down the way it did.

    July 15, 2010 04:42 pm at 4:42 pm |
  11. Nellie Bly, Minneapolis, MN

    Good. Wall Street and the banks shouldn't be allowed to run things they way they have been.

    July 15, 2010 04:43 pm at 4:43 pm |
  12. ATL Guy

    Against relentless Republican and industry objections, the President claims another accomplishment. I'm disappointed that we haven't seen more execs carted off to jail in handcuffs but I'm happy we are getting stuff done. If it was up to the Republicans, we would've gotten a tax cut for the Wall Street debacle and the oil spill in the Gulf.

    July 15, 2010 04:44 pm at 4:44 pm |
  13. dont worry

    Yooooooo. Once again folk dont understand.......Dodd, frank, or not the rich keep getting richer reaganomics dont work so....... Chill out.

    July 15, 2010 04:45 pm at 4:45 pm |
  14. Edna

    Unfortunately, some idiots will never be satisfied. Let the Republicans take over again and see what a mess you people will be in. because you don't know how to manage your money. Fortunately, whether Democrats or Rejpublicans are in office, I have not suffered because I know how to live within my means, but some of you don't and then you blame the government. Republicans don't care about the American people and that includes you. I would prefer the Democrats in office because they have a heart for the people.
    Obama/Biden 2012

    July 15, 2010 04:46 pm at 4:46 pm |
  15. republicans hate america

    Funny how some of you call obama an emperor considering you were probably silent when the previous dictator Bush occupied the WH. Good job Obama on reining in these banks that have plundered billions of dollars of our wealth. I will be the first in line in 2012 to vote for you AGAIN

    July 15, 2010 04:48 pm at 4:48 pm |
  16. g

    sure glad we have regulation, s here in canada

    July 15, 2010 04:48 pm at 4:48 pm |
  17. Eric

    After reading the many economically-iliterate comments from liberals, it's very obvious how Obama got elected. To put it bluntly, you people are staggeringly stupid and incredibly easy to mislead and have no business wielding a ballot.

    We keep the mentally ill from owning handguns for a reason and I think we should add liberalism and voting to that list too. To put it bluntly, you people are dangerous to yourselves and everyone around you when you're wielding a loaded ballot.

    Some clown on another thread wrote, "Too little regulation, that prevented that the subprimes could be used as they were as financial assets (and in the absurdly greedy way that they were), was the main cause behind the recent economic crash."

    Uh, dude, you don't know much about rich people.

    Are they risk takers? Sure. Certainly. But they are CALCULATED risk takers. And by my yard stick, lending money to people they KNEW couldn't pay it back (see: food stamp mortages for minorities) sounds like something only an idiot would do... or someone with the snub nose of a government mandate shoved into their ribs. See Community Reinvestment Act of 1977.

    Rich people like to get rich. Rich people like to stay rich. Giving mortgages to people who everyone knew couldn't pay them back is NOT a way to get or stay rich.

    Now tell me... which political party is it that thinks mortgages and home ownership are "rights?"

    It's time for both a civics test and an economics test for suffrage... and those tests should only be allowed to those who pass the land ownership test. Only people with genuine financial skin in the game can be trusted with our republic.

    At this point, if you're a producer, I recommend you cash out your investments and let this f***er plummet. No reason to take unnecessary financial risks when the government is just going to steal it all from you anyway.

    OK, let the cries of YERARACIST!!!!! ring out, you tired f***ing one-note losers.

    July 15, 2010 04:48 pm at 4:48 pm |
  18. New Age Independant

    Do liberals really think that it's a good idea to give the President the authority to take over any business that might hurt the economy if it fails? This is beyond reason and shows a complete misunderstanding of the free enterprise system. If this doesn't prove Obama is on the path of Socialism, then nothing will.

    July 15, 2010 04:56 pm at 4:56 pm |
  19. Yo, Eric

    I've got mine and screw you.
    Please leave the country you vile P.O.S.
    Happy, now. You got everyone riled up.

    July 15, 2010 04:57 pm at 4:57 pm |
  20. Ben in Texas

    This is for Eric, who apparently gets all his talking points from Foxed Up News, and who said, "Keep punishing businesses and see how many jobs they create. Zero, zilch, nada."

    That indicates to me that you think we should all bow down to the corporations, despite the fact that they pay exorbitant salaries to their executives, tamper with politics, have their own lobbyists write bills, export jobs to third world countries, collect vast amounts of government handouts, hammer employees in a million ways, and steadily erode the middle class. They've been the most destructive, anti-American force in U.S. politics and economics.

    Well, Eric old buddy, the middle class is sick of it. Personally, I'd like to see every major corporation broken up, regulated out the wazoo, and taxed back to the Stone Age. It would be small compensation for the evil they've done here and around the world. Put some of the SOBs at the top in jail, too. Make all those corporations into co-ops owned and run by employees. Call it communism, if you like. I'd call it justice.

    July 15, 2010 04:58 pm at 4:58 pm |
  21. Jimbo (The Real One)

    All I can say to you "Eric" after reading your comments is ..."please seek help quickly...!"

    July 15, 2010 05:00 pm at 5:00 pm |
  22. Dumbasrocks [R]s

    "Oh, so you repealed the Community Reinvestment Act of 1977 and 1996??? Because that's what caused the problem... government mandating banks lend money to financially unqualified minority borrowers in the name of "fairness" and "equal opportunity.""

    Just more shrill tripe from the right. Anyone with a brain, including most reputable economists, have already put that rightwing fairytale to rest. But all the FuxNews lemmings still spew it out, hoping to delude themselves and other brainless tarts. What a bunch of factless [R] deflection away from THEIR [R] failures...but that is what they are best at these days...after having FAILED miserably from 2001-2006.

    Anyone who actually believes Eric's pointless fairytale about minorities taking down our economy should get themselves diagnosed quickly at the closest clinic. For those who just spout this crap as uber-partisan noise, I hope you are proud of the disservice you are doing to this country. Bin Laden loves you all on the right.

    July 15, 2010 05:00 pm at 5:00 pm |
  23. dont worry

    Lames like Eric.........Tsk Tsk Tsk Wingnut 101 Graduate. Listen home ownership may not be a right. With that being said understand that when greed comes into play. All that kenetic energy from your fingers is wasted. Reform and regulation stops greed i love capitalism but.......it breeds greed which is an injustice like it or not.

    July 15, 2010 05:05 pm at 5:05 pm |
  24. Darth Vadik, CA

    Watch this:

    -wall street trashes the law

    -wall street starts making money off of the law in a couple of years

    -Republicans and wall street credit the "economic cycle" for the improvement of the economy...

    July 15, 2010 05:08 pm at 5:08 pm |
  25. Randolph Carter, I'm no expert, but...

    Eric July 15th, 2010 4:48 pm ET

    After reading the many economically-iliterate comments from liberals, it's very obvious how Obama got elected. To put it bluntly, you people are staggeringly stupid and incredibly easy to mislead and have no business wielding a ballot.
    We keep the mentally ill from owning handguns for a reason and I think we should add liberalism and voting to that list too. To put it bluntly, you people are dangerous to yourselves and everyone around you when you're wielding a loaded ballot.
    Some clown on another thread wrote, "Too little regulation, that prevented that the subprimes could be used as they were as financial assets (and in the absurdly greedy way that they were), was the main cause behind the recent economic crash."...

    Eric, you didn't read the whole post to which you're referring. The mortages going bad was predictable and wouldn't have been a problem if greedy scumbags hadn't bundled them into complex financial products, got those products safety exaggerated by the raters, sold said products to everybody and their brother and then bet against them. Do you even understand this concept? Keep blaming the poor. It's the fashionable thing to do. Have a nice day!

    July 15, 2010 05:08 pm at 5:08 pm |
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