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.
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Washington (CNN) - Hours before expected passage Thursday afternoon of the Wall Street reform bill, the top House Republican called for the legislation to be repealed.
House Minority Leader John Boehner, R-Ohio, told reporters, "I think it ought to be repealed. There are common sense things that you should do to plug the holes in the regulatory system that were there, and to bring more transparency to financial transactions, because transparency is like sunlight. Sunlight is the best disinfectant."
Boehner, who came under fire from Democrats for comparing the bill to "killing an ant with a nuclear weapon," again slammed the bill as going too far.
"I think the financial reform bill is ill conceived, going to make credit harder for the American people to get, clearly harder for businesses to get and the fact that it's going to punish every banker in America for the sins of the few on Wall Street is unwise. On top of that I think it institutionalizes 'too big to fail' and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out."
A representative for House Speaker Nancy Pelosi immediately slammed Boehner's comments.
"This comes as no surprise coming from the Republican House leader who called the financial crisis that caused 8 million Americans to lose their jobs an 'ant,'" Pelosi spokesman Nadeam Elshami said in a statement. "Democrats will stand with the Middle Class and Main Street, while Washington Republicans, who are out of touch, will continue to stand with Wall Street."
Sen. Russ Feingold, D-Wisconsin, issued the following statement Thursday about the financial regulatory bill currently before the Senate:
“At the outset of the debate over the financial regulatory reform bill, I made clear that my test for this bill would be whether it prevents another economic crisis. Unfortunately, this bill falls short. The reckless practices of Wall Street sent our economy reeling, triggered the worst recession since the Great Depression, and left millions of Americans to foot the bill. Despite these cataclysmic events, Washington once again caved to Wall Street on key issues and produced a bill that fails to protect the American people from the pain of another economic disaster. I will not support a bill that fails to adequately protect the people of Wisconsin from the recklessness of Wall Street.”
(CNN) - The Senate voted Thursday to end debate on the financial regulatory reform bill, virtually ensuring final passage of the sweeping measure.
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.
Washington (CNNMoney.com) – President Obama on Tuesday cited a "break through" on Wall Street reform and praised three Republican senators for saying they would vote for the bill.
Obama, speaking from the White House, urged the Senate to act quickly, saying he would like to sign the bill into law next week. Senate Democrats told CNN that they will hold a test vote on Thursday.
"Three Republican senators have put politics and partisanship aside to support this reform," Obama said. "I'm grateful for this decision as well as for all the Democrats who worked so hard to make this reform a reality."
Washington (CNNMoney.com) - Congress is expected to finish work this week on the biggest changes to the financial regulatory system since the 1930s – giving regulators a green light to start working on hundreds of new rules that the bill orders up.
Senate Democrats are expected to secure the 60-filibuster-proof votes they need to pass the Wall Street reform bill, sending it to President Obama. It's considered such a done deal that the financial sector has moved on – it's working on influencing new rules regulators will write to carry out reforms.
The bill gives regulators lots of leeway in deciding all sorts of things, from when a risky financial firm should be taken down to how to crack down on debit card swipe fees.
Some regulator decisions could directly impact consumers' wallets. Here are three that consumers should keep an eye on.
Washington (CNNMoney.com) - A key Republican senator announced his support for the Wall Street reform bill Monday, placing Senate Democrats within a vote of passing the most sweeping set of changes to the financial system in decades.
"It is a better bill than it was when this whole process started," Sen. Scott Brown, R-Mass., said in a statement. "While it isn't perfect, I expect to support the bill when it comes up for a vote."
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Washington (CNN) – The Democratic National Committee is rolling out a new television commercial that criticizes two Republicans – one for his comments on the Gulf oil spill and the other for his recent comments about Capitol Hill's response to the financial crisis that began in late 2008.
The ad hits House Minority Leader John Boehner, R-Ohio, over his comments last week to the Pittsburgh Tribune-Review, where he said the financial regulatory overhaul favored by Democrats amounted to "killing an ant with a nuclear weapon."
The ad's narrator retorts: "An ant? Eight million jobs lost and Boehner still sides with Wall Street."
The other Republican criticized in the ad is Texas Rep. Joe Barton – who endured weeks of criticism after he apologized to BP over the $20 billion account to pay damages claims that the company created at the request of President Barack Obama.
The 30-second spot will start airing Tuesday on cable stations.
Washington (CNNMoney.com) – Cut. Don't cut. Tax more. Don't tax more. Reform Social Security. Don't touch Social Security benefits. Don't act too soon to reduce the deficit. Don't wait too long.
And whatever happens, do no harm to the most vulnerable in society.
That's just a taste of the recommendations presented to President Obama's bipartisan fiscal commission this week during a marathon public listening session focused on how to put the federal budget on a sustainable track and reduce the growth rate in U.S. debt.
In all, 75 speakers representing think tanks, nonpartisan grassroots organizations, trade associations and advocacy groups from the right and left spoke during the seven-hour meeting. A handful of concerned citizens contributed their two trillion cents, too.