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.

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soundoff (38 Responses)
  1. La Piovra

    There are a good many regimes where voting for the opposition or not being one of the well-heeled disqualifies a citizen from exercising the franchise, but it would be wrong to say Eric and his ilk are welcome to go there, because they'd probably either deport him or hold him for ransom.

    July 15, 2010 05:10 pm at 5:10 pm |
  2. Shari from Madison WI

    This is a reply to Eric: I consider myself a liberal and I resent being called a moron. First, I bet you have more money than anyone I know and don't have an ounce of care in you for the welfare of fellow people. I bet you think that your view is the only correct one and that it is perfectly acceptable to let the rich get richer and not give a d@@m about anyone but themselves. What fortune 500 company do you own or have stock in? I'm responding this way because your post seems to say that you are here to make your fortune and to H**ll with everyone else.

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

    OHHHHHHHHHH yeah. i forgot one other thing any conservatives that " Appreciate" the middle class but are against this law. Hands down is a hypocrite. Believe that and p.s. I LOVE DA KOOLAID OHHHHHHHH YEAAAAAAAAAAAAAAAAAAAA!

    July 15, 2010 05:17 pm at 5:17 pm |
  4. Just Read This...

    The financial reform bill expected to clear Congress this week is chock-full of provisions that have little to do with the financial crisis but cater to the long-standing agendas of labor unions and other Democratic interest groups.

    Principal among them is a measure to make it easier for unions, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States.

    The so-called "proxy access" provision, which activist groups say they will use to try to improve oversight of corporate financial practices, has provoked a backlash from the Business Roundtable, U.S. Chamber of Commerce and other major non-Wall Street business groups.

    "This legislation includes provisions totally unrelated to the financial crisis which may disrupt Americas fragile economic recovery" and lead to increasing political battles in the boardrooms, said John J. Castellani, president of the roundtable.

    July 15, 2010 05:17 pm at 5:17 pm |
  5. Dumbasrocks [R]s

    To all your rightwing crybabies, I'll go home tonite and drink a celebratory beer at your severe discomfort at today's victory for the country...(and because your [R] representatives are so utterly clueless)....today's victory is also a victory for the [D]s. Cry me a river Eric.

    I've been doing my celebrating non-stop since 2008, when you neo-nuggets had your sorry, clueless behinds handed to you in the election, and you've been crying shrill fantasies of rightwing hate ever since....music to my ears to hear the rightwing underbelly in sooooo much pain. I'm here to dish out even more.....I'll just remind you that another [D] –Bill Clinton– has already, in the 1990s, dragged all you neo-dimwit drama queens, kicking and screaming, into the best ecomomic prosperity you've ever experienced. Why should we expect you to do anything different as Obama improves your sorry lot, after YOU failed so miserably?

    July 15, 2010 05:18 pm at 5:18 pm |
  6. chav

    Dumbasrocks [R]s COULD NOT AGREE WITH YOU MORE
    Eric you sound like a fool.

    Always with the Barney Frank... Did you see how many Republicans voted against the bill??? It was 60-38 ALL EXCEPT THREE

    Do the math people and wonder why they don't want the reforms to go through. Sometimes it does not take a rocket scientist to figure it out. But then again most Republican followers are not very educated. Thats why they prey on the stupid with rhetoric and religion.

    July 15, 2010 05:20 pm at 5:20 pm |
  7. Darth Vadik, CA

    Four and The Door,

    I guess you missed 2000-2008 years, or maybe it is just selective memory? What a moron...

    July 15, 2010 05:21 pm at 5:21 pm |
  8. Marcus

    'New Age Independant July 15th, 2010 4:56 pm ET
    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.'

    Hummm... If I am not mistaken, the whole 'too big to fail' stuff started with GWBush.
    Am I mistaken or does that means that GWBush is a socialist too?
    According to this falacious point of view of course.

    July 15, 2010 05:22 pm at 5:22 pm |
  9. anotherGDlefty

    Oh Eric, You're not a racist, you're just a partisan hack.
    Let me guess, you used to work for AIG & now you work for Goldman Sachs?

    No party believes that home ownership is a right, where did you get that crap?

    One party (democrats) believe you should be able to own a home provided you can pay for it over time. It falls to the greedy that were writing loans to people they knew could not afford and then selling the loans onto someone else. They made thier money and did not care what happened later. These were NOT calculated risks, they were STUPID, FOOLISH risk takers, with other peoples money.
    These were not just "rich people" wanting to stay rich, these were financial institutions gambling with assets that weren't real and toxic. They lost.
    Ultimately, so did main street USA.

    It's funny that in your big speech, you never once place any blame anywhere but on those pesky libruls. So, the GOP just stood there and let it happen? Played no role? C'mon.

    Real investors will not cash out now because this is when the real money has been made and continues to be made. The market was at 6500 when I bought in.(Thanks GW)
    Now back up over 10,000

    Go peddle your right wing BS papers somewhere else.

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

    Just Read This... July 15th, 2010 5:17 pm ET
    "The financial reform bill expected to clear Congress this week is chock-full of provisions that have little to do with the financial crisis but cater to the long-standing agendas of labor unions and other Democratic interest groups.
    Principal among them is a measure to make it easier for UNIONS, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States...."

    So labor shouldn't have any say in corporate policy? Typical capitalist viewpoint. How'd your real income, adjusted for inflation fare over the last 30 years? Not so good? Hmmm... That's what I thought. Have a nice day!

    July 15, 2010 05:28 pm at 5:28 pm |
  11. SA in OO

    REMEMBER

    This did not pass by only 3 votes. It passed by a SUPER MAJORITY – 61% to be exact.

    The truly sad thing about politics today is you have to first have a super majority to force these clowns to actually do the job they were hired for and vote on legislation, any piece of legislation.

    July 15, 2010 05:32 pm at 5:32 pm |
  12. Marcus

    To Eric who called me a 'clown' before saying this beautiful line 'Are they risk takers? Sure. Certainly. But they are CALCULATED risk takers.'

    So because they just 'calculated' it wrong they should not be prevented to made the same poor risk analysis again? Not be forced to do a good job since they are dealing with other people's money (and being royally paid for it), since they didn't did it with the 'subprimes'?
    Are you high dude?

    July 15, 2010 05:32 pm at 5:32 pm |
  13. billybob 'n NC

    Can't wait to hear Turtle McConnel and Hickory-smoked-cured Boner tell us how this will bring about yet another Armageddon.

    July 15, 2010 05:32 pm at 5:32 pm |
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