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Dems Win Big Financial Reform Vote

May 20, 2010 - by Donny Shaw

Having won over Sen. Scott Brown [R, MA] and having Sen. Arlen Specter [D, PA] back in the chamber to place his vote, the Democrats today found 60 votes and passed cloture on their financial reform bill. That means that a final vote on the bill requiring a simple majority of 51 votes must take place within the next 30 hours.

The bill, called the Restoring American Financial Stability Act of 2010, attempts to fix regulations of derivatives, create new consumer protections for financial products, and set up an orderly liquidation process for winding down failing systemically risky financial institutions to avoid future bailouts, and much more. A summary of the bill as filed (without the dozens of floor amendments that were added) can be found here (pdf).

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