WASHINGTON – A sweeping crackdown on banking and high-finance broke through a Senate Republican blockade Thursday, setting the stage for Congress to send the massive regulation overhaul to President Barack Obama.
The vote to end debate was 60-38, the minimum needed to overcome a filibuster. But that ensured that the bill has the votes for final passage, which could come later Thursday.
At a thud-inducing 2,300 pages, the legislation is designed to rein in big banks and protect consumers, with the aim of averting a repeat of the 2008 financial crisis. Its ultimate impact, however, will depend on the government regulators assigned to implement it.
The legislation is the result of a year's worth of partisan struggles and delicate cross-party courtships that at times promised more votes but in the end delivered barely enough.
Answer by urkiddingright at 1:51 PM on Jul. 15, 2010
I love the fact that the government is trying to regulate some of the problems that they regulated into existence in the first place. They convienently exempting many of the predatory lenders, too.
Somehow, I don't feel "protected".
Answer by mancosmomma at 2:03 PM on Jul. 15, 2010
Answer by LoriKeet at 1:26 PM on Jul. 15, 2010
GREAT...MORE legislation FULL of PORK (can we HEAR the campaign lies piling up yet??) That NO ONE has read but will vote FOR it any! Fanfreakintastic!
Answer by momof030404 at 1:16 PM on Jul. 15, 2010
Answer by May-20 at 1:19 PM on Jul. 15, 2010
Answer by itsmesteph11 at 4:59 PM on Jul. 15, 2010
Answer by waldorfmom at 5:04 PM on Jul. 15, 2010
Answer by 29again at 5:00 PM on Jul. 15, 2010
Answer by tnmomofive at 5:53 PM on Jul. 15, 2010
According to the Washing times the bill 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 democrat interest groups.
Answer by Natesmom507 at 5:27 PM on Jul. 15, 2010