US Senate Approve Biggest Overhaul Of Financial Regulation
Friday, July 16, 2010 at 11:47 am
The US Senate has given final approval to the biggest overhaul of American financial regulation in decades. The reforms are intended to avert a repeat of the 2008 crisis that brought the world economy to the brink of collapse.
The Senate vote is a major victory for President Barack Obama and comes after months of political wrangling.
Speaking afterwards, Mr Obama said the new regulation would give the strongest consumer protection in history. He said the American people would never again be asked to foot the bill for Wall Street’s mistakes.
Senators approved the reform bill by 60 votes to 39. It was passed by the US House of Representatives earlier this month.
The reforms are designed to reduce the risks that banks take and to boost protection for consumers. They include new government powers to break up any company that becomes so big its failure could threaten the economy.
Mr Obama said it would bring an end to “shadowy deals”.
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