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Obama gets second major legislative victory with passage of financial regulation Bill | US President Barack Obama on Thursday secured his second major legislative victory with the Senate approving
far-reaching new financial rules on Thursday aimed at preventing the risky behavior and regulatory failures that brought the economy to the brink of collapse two
years ago and cost millions of Americans their jobs and savings. The final vote,
just after 8:30 p.m., was 59 to 39. Four Republicans voted in favor of the bill,
and two Democrats opposed it. "Our goal is not to punish the banks," Obama said
in the White House Rose Garden hours before the final vote, "but to protect the
larger economy and the American people from the kind of upheavals that we've seen
in the past few years." According to the Washington Post, the 1,500-page measure,
shepherded through the Senate by Christopher J. Dodd (D-Conn.), chairman of the
banking committee, seeks to reshape both Washington and Wall Street. In providing
for the most profound remaking of financial regulations since the Great Depression,
the legislation would create a new consumer-protection watchdog housed at the
Federal Reserve to prevent abuse in mortgage, auto and credit card lending. It
also would give the government power to wind down large failing financial firms
and set up a council of federal overseers to police the financial landscape for
risks to the global economy. Moreover, the legislation would establish oversight
of the vast market in financial instruments known as derivatives, impose new restrictions
on credit rating agencies and give shareholders a say in corporate affairs. Passage
of the measure marks a milestone in President Obama's efforts to tackle the financial
abuse and excess. The vote gives Obama his second major legislative victory of
the year, following the March passage of his landmark health-care bill. The bill
now appears headed to a House-Senate conference committee, where a handful of
lawmakers will work to resolve differences between the two chambers. House Financial
Services Chairman Barney Frank (D-Mass.) said he aims to wrap up that task in
short order. |
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