US Senate approves reform bill
Source: Agencies |
May 22, 2010, Saturday
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THE United States Senate approved a sweeping Wall Street reform bill late Thursday, capping months of wrangling over the biggest overhaul of financial regulation since the 1930s.
By a vote of 59-39, the Senate awarded a victory to President Barack Obama, a champion of tighter rules for banks and capital markets after a 2007-2009 financial crisis that slammed the economy and led to massive taxpayer bailouts.
The Senate bill must now be merged with a measure approved in December by the House of Representatives. Only then could a final package go to Obama to be signed into law, something that analysts said may happen next month.
Changes proposed in both bills threaten to constrain the banking industry and reduce its profits for years to come.
Flashpoints in the House-Senate negotiations will likely include a controversial proposal to curb bank swap-trading.
Obama said the final version of the bill would hold financial firms accountable but not stifle the free market.
On Wall Street on Thursday, the Dow Jones industrial average slid 3.6 percent, hurt by fears of Europe's debt crisis retarding global economic recovery, but also by uncertainty over US financial reform, traders said.
By a vote of 59-39, the Senate awarded a victory to President Barack Obama, a champion of tighter rules for banks and capital markets after a 2007-2009 financial crisis that slammed the economy and led to massive taxpayer bailouts.
The Senate bill must now be merged with a measure approved in December by the House of Representatives. Only then could a final package go to Obama to be signed into law, something that analysts said may happen next month.
Changes proposed in both bills threaten to constrain the banking industry and reduce its profits for years to come.
Flashpoints in the House-Senate negotiations will likely include a controversial proposal to curb bank swap-trading.
Obama said the final version of the bill would hold financial firms accountable but not stifle the free market.
On Wall Street on Thursday, the Dow Jones industrial average slid 3.6 percent, hurt by fears of Europe's debt crisis retarding global economic recovery, but also by uncertainty over US financial reform, traders said.
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