June 30th, 2010
07:01 PM ET
13 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.

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soundoff (20 Responses)
  1. Cynthia - Arkansas

    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!

    June 30, 2010 07:12 pm at 7:12 pm |
  2. phoenix86

    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.

    June 30, 2010 07:12 pm at 7:12 pm |
  3. Victim of GOP Taliban

    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.

    June 30, 2010 07:13 pm at 7:13 pm |
  4. Nate from Atlanta

    Let me guess, every single Republican senator will vote against it.

    June 30, 2010 07:18 pm at 7:18 pm |
  5. David

    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. . .

    June 30, 2010 07:29 pm at 7:29 pm |
  6. Matt

    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.

    June 30, 2010 07:45 pm at 7:45 pm |
  7. GI Joe

    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.

    June 30, 2010 07:54 pm at 7:54 pm |
  8. If We Can Defeat Him On HealthCare It Will Be His Waterloo

    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

    June 30, 2010 07:54 pm at 7:54 pm |
  9. one voice

    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.

    June 30, 2010 08:00 pm at 8:00 pm |
  10. aliou in Jacksonville, FL

    Good luck with the reform. Wallstreet is like BP leaks: close one leak, and it leaks somewhere else.

    June 30, 2010 08:58 pm at 8:58 pm |
  11. southern cousin

    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.

    June 30, 2010 09:10 pm at 9:10 pm |
  12. stevegee

    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.

    June 30, 2010 09:16 pm at 9:16 pm |
  13. Keith in Austin

    Clearly a House vote along party lines! Liberals in full force sticking their greasy tenticals into our lives and the private sector!

    June 30, 2010 09:17 pm at 9:17 pm |
  14. vwrtb

    Republicans will never let this happen! They have to protect wall street at all cost...

    June 30, 2010 09:38 pm at 9:38 pm |
  15. Sally

    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.

    June 30, 2010 09:52 pm at 9:52 pm |
  16. ThinkAgain

    "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.

    June 30, 2010 11:02 pm at 11:02 pm |
  17. Sofritico

    Watch the Republicans fight it to the ground in the Senate. Boner's overlords on Wall street will simply not permit this to happen.

    June 30, 2010 11:10 pm at 11:10 pm |
  18. phoenix86

    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.

    June 30, 2010 11:41 pm at 11:41 pm |
  19. Gil

    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!

    June 30, 2010 11:59 pm at 11:59 pm |
  20. Pkm

    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

    July 1, 2010 07:00 am at 7:00 am |