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UPDATE: Senate Passes Financial Reform

July 15, 2010 - by Donny Shaw

UPDATE: The bill has officially been passed. It now gets sent to President Obama, who is expected to sign it into law this afternoon. Original post below…

As expected, the Senate this afternoon voted 60-38 to end debate on the landmark Dodd-Frank Wall Street Reform and Consumer Protections Act. The vote on final passage of the bill, whiconly requires a simply majority of 51 “ayes,” is expected later this afternoon.

This is a big, sweeping bill that was crafted as a direct response to the 2008 financial crisis. It seeks to develop a better system for identifying emerging risks in the financial markets, end too big to fail and taxpayers bailouts, regulate the derivatives market, protect consumers from predatory lenders, make the Federal Reserve more transparent, and more. The effectiveness of a lot of the provisions in the bill will ultimately be determined by regulatory agencies who, as soon as the bill is law, will begin writing hundreds of specific rules on how to implement the bill. The regulators have a significant amount of discretion in how the details of the bill are interpreted. And you know what they say about details…

Reuters is calling this bill “the broadest overhaul of U.S. financial rules since the Great Depression.” And that’s certainly true. But it’s not saying much given the cycle of financial deregulation the U.S. has been caught up in over the past several decades and that lead up to the credit crisis of 2006-2007 and the collapse of 2008.

All Democrats besides Sen. Russell Feingold [D, WI] voted in favor of the bill. In a statement posted on his website, Feingold said that he believed the bill was not strong enough to prevent the next crisis. “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,” he said.

Three Republicans voted with the Democrats on the bill, giving them the 60 votes they needed to end a Republican-led filibuster — Sen. Scott Brown [R, MA], Sen. Susan Collins [R, ME] and Sen. Olympia Snowe [R, ME].

For more detailed information on the bill, see the Democrats’ Banking Committee summary, Americans for Financial Reform’s take, the Roosevelt Institute’s round-up, or the OpenCongress Blog financial reform portal.

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Comments

sbrawsm 07/15/2010 1:48pm
in reply to Drewbot78 Jul 15, 2010 9:28am

That is what is so sad. Those elected officials don’t care about us!
I agree with you; the financial bill is a bad bill!
I blame the administration for creating legislation that kills job creation.
Not only did their laws cause so many Americans to lose their jobs, their new legislation makes the small business owner afraid to hire people.
When the small business owner is nor hiring, our economy and unemployment rate suffers.

sbrawsm 07/15/2010 1:45pm
in reply to seanurse Jul 15, 2010 8:55am

It is NOT good news that they passed this bill! It is HORRIBLE news that will go down in infamy.

First off, just the fact that FRank and Dodd put this bill together should show some BIG RED FLAGS!
This bill (which is now law) give the president the right to close down any business he deems unfit, he can seize their assets and this never has to go through Congress. One man – the president – has all this power.
The verbiage is vague so it is up to the president to decide what he feels is unfit. for instance, he could could close down Toyota if he wanted and it would be in his best interest to do so. More people would be forced to buy GM cars.
The founders of this country created Congress, the house and senate so that one man would never have so much power. This is a terrible law. We are watching our liberty slip away right before our very eyes.

sbrawsm 07/15/2010 1:44pm
in reply to sbrawsm Jul 15, 2010 1:41pm

Also – there is a section that requires banks to give loans based on racial/minority status and not credit ratings. Dodd and Frank did this to us before and they caused the banking crisis of 2008!
Instead of being held accountable for what they did to the AMerican people, those two crooks are getting the opportunity to do it AGAIN!

sbrawsm 07/15/2010 1:41pm
in reply to bobbybixler Jul 15, 2010 11:11am

I hope they do water it down! The Dems should have pulled out the porl a long time ago. If they had, I bet it would have already passed.

It is NOT good news that they passed this bill! It is HORRIBLE news that will go down in infamy.

First off, just the fact that FRank and Dodd put this bill together should show some BIG RED FLAGS!
This bill (which is now law) give the president the right to close down any business he deems unfit, he can seize their assets and this never has to go through Congress. One man – the president – has all this power.
The verbiage is vague so it is up to the president to decide what he feels is unfit. for instance, he could could close down Toyota if he wanted and it would be in his best interest to do so. More people would be forced to buy GM cars.
The founders of this country created Congress, the house and senate so that one man would never have so much power. This is a terrible law. We are watching our liberty slip away right before our very eyes.

comments5647 07/15/2010 1:37pm
in reply to Jonapoo4u Jul 15, 2010 10:12am

Yes we can pressure congress to eliminate the Federal Reserve Bank to begin with! Then we can “wake up” our families, friends, and neighbors as to the real reason we are in the middle of this economic crash! If we can get the word out the motivation would come once people realize what the real cause is. There are many documentaries at youtube that detail the cause of this crisis. I think one of them is titled Endgame.

comments5647 07/15/2010 1:32pm
in reply to Drewbot78 Jul 15, 2010 9:59am

Drewbot78 Thank you for your kind words. Now if I could just figure out a way to motivate our Congressman to understand that “We The People” want our economy our country back NOW not Tuesday next week but now. I am so sick and tired of all the lies as to why they can’t do anything except VACATION!!! We are not stupid! If I have to I will write in my dog’s name come election. My dog is loyal and supportive which is more than I can say for the treasonous congress we have who puts the interest of the bankers, i.e., The privately owned Federal Reserve as you so aptly pointed out, over the interest of American citizens!!! How do we rally people against this heinous treason that has stolen our nation?!!! I would just like a job but if I can’t have that at least the senate could sacrifice one weekend to vote on extended UI benefits now!!!

sbrawsm 07/15/2010 1:31pm
in reply to seanurse Jul 15, 2010 8:55am

Scott Brown should NOT have voted for this financial reform bill.
It’s a VERY bad bill that gives the president WAY too much power. Scott Brown is a phony. I bet he accepted a special deal behind closed doors.

sbrawsm 07/15/2010 1:29pm
in reply to seanurse Jul 15, 2010 8:55am

I 100% support of unemployment extensions.
I think you should be made aware of what is REALLY going on.
There are a few republicans who think it is time to stop extendin. However, the left is notorious for throwing a bunch of “pork” into these bills(funding for special interest projects).Often these are stupid things like studies that are unnecessary. That’s the case with this UE bill.
Republicans are all not voting against your extension; they are voting against the billions of dollars for “pork” the Dems threw in.
The Dems want to make republicans look like heartless people. Truth is, more republicans would vote in favor of the bill if the Dems would pull out all that unnecessary spending.
The Dems refuse. So the Dems are the party of “no”. No – they refuse to stop the unnecessary spending. If they would just put the extensions in the bill by itself, it would pass. They don’t want to do that.

Hang tight; I do believe you will eventually get that extension.

herewegoagain 07/15/2010 12:59pm

We need the UNEMPLOYMENT bill passed before anything else.

teehaha 07/15/2010 12:25pm
in reply to BullWinkle Jul 15, 2010 10:04am

It’s obvious they don’t think the hundreds of thousands that are worrying about putting food on the table is a priority. At this point I don’t care though…just PASS the bill so I can pay my water bill and put gas in my beater!

Chris51 07/15/2010 11:19am
in reply to seanurse Jul 15, 2010 8:55am

Bush tax cuts cost 1.8 trillion so far (most went to folks with incomes over $250,000). Extending thecut will cost another 55 billion if it passes Congress before new year. USA individual tax payers paid the bill for Iraq War cost of 135 Billion in 2009 with a total cost 1.6 trillion.

Shame on the Republicans who have united in a filibuster (first time in 10 years) to block the UI Ext bill in response to letter from FreedomWorks (Tea Party funder) CEO, because they don’t want to pass 33 billion to help average Americans who continue paying the majority of the huge Fed Deficit that Bush Administration left Obama Administration with.

Stop letting them get away with greed, and neglect of the average Americans. Vote in November

Chris51 07/15/2010 11:17am
in reply to Drewbot78 Jul 15, 2010 9:59am

Right. The Federal Reserve Act was pushed through while member of congress were out for the Holiday. It was signed and approved with 3 signatures on December 23, 1912.

Opening up the first and biggest Special Interest group… a few wealthy families. When we pay our federal taxes, it really goes to them.

artledoux 07/15/2010 11:17am
in reply to Chris51 Jul 15, 2010 10:37am

Hey Chris could you give a resource for the taxes paid? I could use that info
on a local blog.
Thank You,
Art LeDoux

PleaseHelpTheUnemployed 07/15/2010 11:16am

F@#% the democrats and F#$@ the republicans. That’s all it’s been about. Everyone has forgotten the true meaning and value of this nation. They’re just filled with arrogance and pride that stinks so bad, this nation now reeks of that same smell. Damn politicians, these so called representatives, all damn fakes, hypocrites, how dumb and clueless can you be? You’re all F#%@^& Up!!! Such corruption and deception and lies!!!

bobbybixler 07/15/2010 11:11am
in reply to seanurse Jul 15, 2010 8:55am

This is good news, because the unemployment bill was being held up to wrangle votes for the wall street bill. Now that votes for that bill are bought with compromise, the unemployment bill should come forward after the weekend. Don’t be surprised if the bill is watered down, though, and not the long extensions people expect. That bill will have to come after the November elections. What we’ll get now is somekind of interim compromise based on wrangling done over the wall street bill.

PleaseHelpTheUnemployed 07/15/2010 11:10am

There is no doubt this country is corrupt and F#!*# Up! The true nature of this nation and its leaders finally came into light. Such senseless, hopeless, dumb, so called representatives of America; America, full of idiots running this hopeless nation. Nothing but corruption, deception, and lies. What in the hell was I thinking in telling people how much I love this country? You F*&#% Up, corrupt politicians tainted this nation.

Jonapoo4u 07/15/2010 11:04am

sen George Lemieux R-florida he used to be my senator before i was forced to move to another state to live with my parent…i like this guy he seems to know whats really going on.he really seems focused on getting jobs and the small buissness

Chris51 07/15/2010 10:37am
in reply to Jonapoo4u Jul 15, 2010 10:19am

Republicans want to win November’s election with the message that FreedomWorks/Tea Party movement spokes people are sending a loud message of “Deficit Resposibility” all rhetoric. Bush Admin./Republicans created the huge Fed. Deficit, and Obama Admin. Is left to clean-up or be blamed as failing in fixing it. The unemployment extension benefit should help millions of unemployed Americans discover the truth.

Working class paid out $989-Billion in Taxes in 2008.
Corporation paid out $278-Billion.

Maybe the Republicans are getting wise that average Americans are not going to be silent. It’s important for the millions of US citizens who have been cast aside and abandoned on their UI Ext benefits, remmember to vote in November.

Drewbot78 07/15/2010 10:25am

Well Ron Paul is one of the few good ones left. He is a devout constitutionalist who actually had a bill to Audit the Fed pass the house with over 300 votes and co-sponsors. Funnily the bill then only managed like 14 co-sponsors when it got to the Senate. When he tried to push the issue by reintroducing a changed version to the House again, all of a sudden he could only get about 210 votes for it. NOT quite enough to pass it and now the Audit the Fed push is stalled.

The only real way to stop the Fed is to spread the word and expose the scam of the Fed to everyone you know. The money is not real. It is in fact just a giant Ponzi scheme perpetrated not only on America but on any country currently involved with the IMF (International Monetary Fund).

Jonapoo4u 07/15/2010 10:19am

it seems the UI may never pass if reid doesnt stop tryin to stuff shit in our UI bill

Jonapoo4u 07/15/2010 10:18am

btw you guys should read this http://www.associatedcontent.com/article/5579120/2010_unemployment_extensions_reid_could_pg2.html?cat=9 it seems harry reid’s UI bill still isnt a stand alone bill which is why it keeps gettin voted out…

Jonapoo4u 07/15/2010 10:12am

is there something we the people can do to stop the fed? im sure our petitions would be misplaced or lost

Drewbot78 07/15/2010 10:09am
in reply to BullWinkle Jul 15, 2010 10:04am

Exactly Bullwinkle, almost every last one of these bastards is completely corrupted by the banks now, 100% bought and paid for. STOP WITH THE BULLSHIT DEMOCRAT REPUBLICAN fighting, they are all part of this shell game designed to keep us distracted from the real crooks….The Federal Reserve.

BullWinkle 07/15/2010 10:04am

Really shows how the Government cares about its own.I guess they never heard HELP THY NEIGHBOR!
how do they have enough to vote for that bill and not the unemployment bill?
need to show them all they are screwing there own starting at the top VOTE THEM ALL OUT WHEN THE TIME COMES DONT FORGET…

Drewbot78 07/15/2010 9:59am
in reply to comments5647 Jul 15, 2010 9:41am

Comments5647 it is good to see someone else who actually understand the real problem and root cause of all this bullshit. The Federal Reserve is NOT Federal. It is in fact a Private corporation that creates “money” out of thin air to then LEND to our government who is supposed to issue currency itself according to our Constitution. These are a few giant multinational banks such as JP Morgan-Chase, Goldman Sachs, Citigroup, Bank of America, Wells Fargo. While Americans are going homeless, starving, and committing suicide these guys have been posting record profits.

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” – Thomas Jefferson

Jonapoo4u 07/15/2010 9:56am

and personally im not sure if this bill will do anything really other than make it harder to get credit like it isnt hard enough as it is and i dont se this creating any jobs

Jonapoo4u 07/15/2010 9:52am

well they just stated that they wont vote on unemployment till after they swaer the new senator of west virgina in on tuesday if i were reid i would emergency vote them to death over the UI till then

comments5647 07/15/2010 9:41am

They would pass unemployment extensions to day in my wildest dreams! I’ll be the most shocked person in the world if they pass it on Tuesday. Hey I was able to get an extension on my electric bill until the end of this month. Even if they vote Tuesday I have no idea how I’ll keep the water on!!! In my wildest dreams. While congress celebrates today’s big win. I pack to move… :(… This is a do nothing congress just more of the same. As long as the Federal Reserve Bank rules this nation I don’t see hope for us… VOTE TO END THE FED TODAY!!! Give me back my job!!!

Drewbot78 07/15/2010 9:28am

Seriously you guys can manage to get this pile of shit that only strenthens the BIG BANKS while weakening the small. NOW PASS UNEMPLOYMENT TODAY TODAY TODAY.

seanurse 07/15/2010 8:55am

HEY IF SCOTT BROWN IS WILLING TO VOTE FOR THIS BILL SEE IF HE WILL VOTE FOR THE UNEMPLOYMENT BILL AND GET THAT DONE TODAY TOO.

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