June 30th, 2010
07:01 PM ET
10 years ago
House OKs Wall Street reform bill
Washington (CNNMoney.com) - The House voted 237-192 Wednesday to pass a sweeping package of reforms to the financial regulatory system, moving the bill a step closer to the finish line.
But the Senate isn't likely to take up the measure until the week of July 12. And it's not clear whether Democrats have secured the votes they need.
After more than 18 months of negotiation and debate, 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.
From CNN Politics
- Intelligence community's top election official: China and Iran don't want Trump to win reelection, Russia working against Biden August 7, 2020 07:21 pm
- First on CNN: Warren and other top Democrats ask USPS watchdog to investigate practices August 7, 2020 05:02 pm
- White House rejects Democrats' offer for $2 trillion stimulus price tag August 7, 2020 07:10 pm
- 'They're not even trying to hide the racism': Wisconsin Democrats blast GOP efforts to aid Kanye West's candidacy August 7, 2020 05:34 pm
- Karen Bass faces searing scrutiny as she emerges as potential Biden VP pick August 7, 2020 05:47 pm
- Judge rules E. Jean Carroll can continue to seek Trump's DNA in defamation suit August 7, 2020 07:09 pm
Thank you Democrats! We have got to take care of what's left of the middle class. Our pensions are riding on Wall Street acting above board, not like a bunch of gamblers in Vegas.
I am so proud of how much the Democrats have been able to accomplish in spite of the Republicans and their 24/7 propoganda network Fox.
Keep up the good work!
Hats off to Nancy Pelosi and Barney Frank. They managed to put the costs of reform on the smaller banks, exempt the large banks, provide taxpayer guarantees to investment banks, and exempt Fannie and Freddy from it all.
The Senate is too sold-out to Big $ Lobbyists. Wall Street owns the Senate. Including quite a few sell-out Dem's (Bayh, Landrieu, Lincoln, Nelson) and ALL of the Republicans.
Unless somehow a few Republicans have the guts to stand-up to their luncatic base and do something productive instead of just saying No to everything...this has no chance.
Let me guess, every single Republican senator will vote against it.
Now the senate GOP just had to get their heads out of their bums so this no brainer legislation can be done and other critical things can be actioned. Kudos to Obama for taking on difficult issues that other presidents tried to avoid like the plague, next immigration and energy reform. . .
Hopefully the senate is smarter than the house.
This bill doesn't fix the problems that caused the financial breakdown–mainly government intervention into bank loaning practices (forcing banks to make bad loans) and then allowing government-backed Fanny Mae and Freddie Mac to buy those bad loans.
Obama and the democrats are great at making it appear that they are looking out for the common man, but the reality is that they are the biggest part of the problem.
Senator Brown insisted instead of taxing hedge fund banks, the little people's taxes should be used (our taxes ARE the TARP).
I hope MA reconsiders and kicks his corporation lovin' butt out !! I don't care how bad the dem for that state is, get rid of this goose-step republican Party of NO follower.
If you want no reform of Wall Street vote for the GOP
If you want to apologize to BP for destroying the gulf coast vote GOP
If you think that the unemployed are lazy vote GOP
If you think that more jobs should be shipped overseas, vote GOP
If you think that social security should be privatized, vote GOP
If you think that Rush care about your interests, vote GOP
If you think that all of our problems were caused by Clinton vote GOP
If you think that none of our problems were caused by Bush, vote GOP
If you want America to fail, just like our president, vote GOP
Thanks to Scott Brown and the other 191 Corporate shills, the reform is so watered down their Corporate Masters will still be able to rip off the American Taxpayer for billions more.
Good luck with the reform. Wallstreet is like BP leaks: close one leak, and it leaks somewhere else.
Lets face it, the democratic controlled congress has always approved idiotic bills that screw over the American taxpayer. That is why they are democrats and why their leader is an inept, corrupt, lying, union toady. Day 72 of the oil spill and the toady has finally decided to offend the unions and let some of that foreign aid help. Now it is to late to save the gulf environment or economy. What an incompetent fool. IMPEACH OBAMA.
They took over the auto industry, then healthcare, now financial services, energy is next, and then You.
Wake up people! Obama and the Democrats are "changing" are country into a socialist nightmare. In November, vote American, vote Republican.
Clearly a House vote along party lines! Liberals in full force sticking their greasy tenticals into our lives and the private sector!
Republicans will never let this happen! They have to protect wall street at all cost...
And yet another piece of Obama legislation is going to pass, and it will benefit consumers, not corporations. This President is doing a great job for us, not for the special interests the conservatives are in bed with.
"After more than 18 months of negotiation and debate ..."
18 months?!? How freakin' hard is it to figure out that the financial industry ran amok because of simple greed? Make Wall Street go back to the basics of investing in companies that they actually know something about and set up laws so it can't recklessly gamble with other people's money.
Separate savings banks from investment banks; don't allow "financial instruments" that are so complicated no one can figure out what they are; make Wall Street firms insure themselves so that if they lose a bundle of money, THEY FEEL IT.
Wall Street is overrun with greedy jerks who need to learn what it's like to suffer financial hardship when their schemes blow up in their faces. No more bailouts – all it does is reward bad behavior.
All Wall Street cares about is money – so make them start actually earning it and when they lose, make them pay.
Watch the Republicans fight it to the ground in the Senate. Boner's overlords on Wall street will simply not permit this to happen.
Read the bill. $19 billion cost to taxpayers. Taxpayer guarantees to hedge funds. Government descretion to choose who needs to adhere to the regulations. All the ingrediants of fraud and corruption. No wonder democrats love it.
The repuglicans, all but three, would rather we face another financial crisis with the same results and the same regulations in place that brought on the first one. Thanks, Americans know where you stand! Right where you always have, in the pockets of Big Business, Big Oil and Wall Street!
The gop has to much money invested in wall street they will not pass the bill they will lose to much money from there wall st crooks