Financial Reform Clears Senate
The Wall Street reform bill has been able to pass in the Senate and will make its way to the President's desk for signing:
The Senate on Thursday gave final approval to a broad rewrite of the nation’s financial regulatory system, handing President Barack Obama his second major legislative victory and setting off a scramble to implement a 2,300-page bill that affects all corners of economy.
By a tighter margin than either party predicted months ago, the Senate voted 60 to 39 to send the bill to the president, who is expected to sign it into the law at a public ceremony in the coming days.
Democrats hailed the measure a historic in scope and importance, setting up a new consumer protection bureau and a regulatory framework aimed at preventing and detecting the systemic risks to the economy that caused the financial collapse in 2008.
But before the bill could even make it through the Senate, House Minority Leader John Boehner (R-Ohio) was already talking about rescinding it.
"It ought to be repealed,” Boehner told reporters. “The financial reform bill is ill-conceived. I think it is going to make credit harder for the American people to get.”
