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 Wall Street Reform Final Vote Soon. 
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Post Wall Street Reform Final Vote Soon.
Senate Committee on Banking, Housing, and Urban Affairs, Chairman Chris Dodd (D-CT) Contact: Kirstin Brost, Sean Oblack, 202-224-7391
Summary: Restoring American Financial Stability
Create a Sound Economic Foundation to Grow Jobs, Protect Consumers,
Rein in Wall Street, End Too Big to Fail, Prevent Another Financial Crisis

Americans have faced the worst financial crisis since the Great Depression. Millions have lost their jobs, businesses have failed, housing prices have dropped, and savings were wiped out.
The failures that led to this crisis require bold action. We must restore responsibility and accountability in our financial system to give Americans confidence that there is a system in place that works for and protects them. We must create a sound foundation to grow the economy and create jobs.

HIGHLIGHTS OF THE NEW BILL

Consumer Protections with Authority and Independence:
Creates a new independent watchdog, housed at the Federal Reserve, with the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices.

Ends Too Big to Fail Bailouts:
Ends the possibility that taxpayers will be asked to write a check to bail out financial firms that threaten the economy by: creating a safe way to liquidate failed financial firms; imposing tough new capital and leverage requirements that make it undesirable to get too big; updating the Fed’s authority to allow system-wide support but no longer prop up individual firms; and establishing rigorous standards and supervision to protect the economy and American consumers, investors and businesses.

Advance Warning System:
Creates a council to identify and address systemic risks posed by large, complex companies, products, and activities before they threaten the stability of the economy.

Transparency & Accountability for Exotic Instruments:
Eliminates loopholes that allow risky and abusive practices to go on unnoticed and unregulated - including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.

Federal Bank Supervision:
Streamlines bank supervision to create clarity and accountability. Protects the dual banking system that supports community banks.

Executive Compensation and Corporate Governance:
Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation.

Protects Investors:
Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.

Enforces Regulations on the Books:
Strengthens oversight and empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system that benefit special interests at the expense of American families and businesses.

Two key senators announced announced their support for the Wall Street reform bill Monday, placing Senate Democrats days away from winning the final vote to passing the most sweeping set of changes to the financial system in decades.

This is the first page of the Financial Reform Summary, as it was filed. If needed I can get the full 11 pages for your viewing pleasure.


Top Senate Democrats say they have the 60 votes needed to pass the Wall Street reform bill this week.

"It is a better bill than it was when this whole process started," Sen. Scott Brown, R-Mass., said in a statement. "While it isn't perfect, I expect to support the bill when it comes up for a vote."

The final bill aims to strengthen consumer protection, shine a light on complex financial products, create a new process for taking down giant, failing financial firms, and make them stronger to prevent such failure.

Two weeks ago, congressional negotiators had to reopen their negotiations to change the way the bill paid for itself in order to secure Brown's support.

Brown opposed a proposed tax on banks and hedge funds. Now the bill is self-funding by tapping money unused by the federal bailout program, the Troubled Asset Relief Program (TARP), as well as by charging banks more for the FDIC insurance they buy to protect deposits.

Senate leadership expects the Senate to take up the bill later this week.

Sen. Russ Feingold, D-Wis., has vowed to oppose the bill, saying it doesn't go far enough. That loss combined with Byrd's death, means Democrats can only count on 57 votes from their own party

Posted: July 12th, 2010 07:46 PM ET

The vote isn't that far off and to tell the truth I want it to go through. If it goes as plan. (Highly unlikely, because plans are there so you know how it isn't going to work.) It will help our nation hopefully be less suckish in the economy department. But since I've posted this I obviously want your opinions on this. What do you think?


Mon Jul 12, 2010 11:51 pm
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