Sentate Passes FinReg
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The Senate voted 60-39 to pass the sweeping Financial Reform bill, and now the bill will be signed into law by President Barrack Obama.
The bill will give regulators new powers to deal with "too big to fail", impact how consumers obtain mortgages and credit cards, and regulate how financial derivatives are traded, among a host of other items.
Once signed into law, a rule-making process will commence to determine how the new laws will be implemented. According to an analysis by the U.S. Chamber of Commerce, the bill directs regulators to write 533 rules.
The bill will give regulators new powers to deal with "too big to fail", impact how consumers obtain mortgages and credit cards, and regulate how financial derivatives are traded, among a host of other items.
Once signed into law, a rule-making process will commence to determine how the new laws will be implemented. According to an analysis by the U.S. Chamber of Commerce, the bill directs regulators to write 533 rules.
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