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Bank reform bill cleared for final passage, thoughts?

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.

 
sweet-a-kins

Asked by sweet-a-kins at 1:10 PM on Jul. 15, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (16)
  • I am actually ok with it, it is similar to the bank laws that FDR passed in order to stop banks from speculating. My favorite part of this bill is that it requires banks to have dollar saved for every dollar lent, instead of the current law that was passed by Ford and revamped by Cheney to allow banks to lend 30 dollars for every one dollar saved.
    urkiddingright

    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". 

    mancosmomma

    Answer by mancosmomma at 2:03 PM on Jul. 15, 2010

  • The Bank Reform Bill will essentially squash what's left of the free market and it'll give the government even more power to control Wall Street and ultimately main street.

    The bottom line for is this will result in a more complicated credit system and, of course, more fees passed on to the customer. If you think fees are ridiculous now, just wait. All this in the name of "reform" and "consumer protection." I just joined a credit union to avoid all of the "big bank" crap and fees.

    This one of those "fundamental changes" Obama mentioned a while back! Isn't he grand?! (sarcasm)
    LoriKeet

    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!

    momof030404

    Answer by momof030404 at 1:16 PM on Jul. 15, 2010

  • I think that they should have to take a comprehension test before they can vote on it to prove that they read and understood the bill. If they can't pass the test, they can't vote.

    Of course that means someone will have to read the bill to write the test...
    May-20

    Answer by May-20 at 1:19 PM on Jul. 15, 2010

  • Say good bye to your free checking and hello to anything they can implement to raise funds. Also, say hello to affimative action galore. All of these companies must hire a predetermined number of women, blacks and alternate lifestylers. Say good bye to quality. Thank you Maxine Waters.
    itsmesteph11

    Answer by itsmesteph11 at 4:59 PM on Jul. 15, 2010

  • What was that other "bank reform" legislation?
    Oh, yeah: the Community Reinvestment Act. ... Remember that one? The one which CREATED the housing market plunge which has laid low our ENTIRE ECONOMY !!

    Yes, gov't regulating the economy is SUCH a PROVEN and SUCCESSFUL enterprise !
    Forget free enterprise, gov't control is *always* better ... just look at, oh ... the USSR ... North Korea ... Europe ... etc, etc.

    My thoughts? "Oh, geesh."
    waldorfmom

    Answer by waldorfmom at 5:04 PM on Jul. 15, 2010

  • If, when, this next monstrosity passes, I will have less to do with my bank than I do now, which is little. True financial reform SHOULD include something to fix Fannie and Freddie. And since these two financial institutions are NOT included, I feel comfortable in concluding that there is nothing in it that will really be a protection for me, the consumer. Just more fees to the banks (which will be passed on to me) and tougher conditions all around. Once again, in trying to fix a problem, they have made the real problem worse, and fixed the part that was working fairly well, thus ensuring that IT will no longer work effectively with a net result of a completely worse situation all the way around.

    Yay team O! What are we at now, 0 for 3, or is it 0 for 4?
    29again

    Answer by 29again at 5:00 PM on Jul. 15, 2010

  • God help us
    tnmomofive

    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.

    Natesmom507

    Answer by Natesmom507 at 5:27 PM on Jul. 15, 2010

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