Another take
June 25, 2010 | federal legislation, industry | Comments (0)The House plans to vote on the bill Tuesday, and the Senate next week as well. “This makes a huge difference. No one really thought we could get this done,” said Senate Banking Committee Chairman Chris Dodd (D-Conn.). But Dodd also said he didn’t know for sure that he had preserved his 60-vote majority in the Senate, in the face of all the changes.
Despite the last-minute efforts to soften the bill, the Wall Street reform act was shaping up as a tougher-than-expected response to the 2008 financial crisis.
The legislation would create a powerful new consumer financial protection bureau, limit the amount of fees debit-card companies can charge merchants, give the government the power to break up failing financial firms and force transparency of the $600 trillion derivatives market.
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