Final Financial Reform Bill House Passage
July 1, 2010 by Terry Reth
Final Financial Reform Bill House Passage – It’s been close to two years since the meltdown in Wall Street that sent the economy on a downfall. The recession sent the United States economy into a dark hole that we haven’t seen as a country since the hard times of the Great Depression. While things weren’t nearly as bad this time around, they were an alarming wake-up call that something needs to be done. Suddenly, we’re seeing change in America as the House of Representatives voted Wednesday to pass a huge bill that will provide a complete change in the financial reform process of the government. The new bill will extend the government’s capabilities to interact with businesses and other companies.
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The Senate’s support of the bill was not entirely positive. There were some opposing forces as always but the Senate was unfortunately forced to delay voting until later in July. This will give the members of the Senate more time to consider the positive and negatives of the new bill and perhaps have a better educated understanding of what it provides for the country. This delayed Barack Obama’s potential victory in financial reform until sometimes after Independence Day. The delay came down to the Democrats unsuccessful attempts to turn some of the Republicans into supporting the bill. Well after the Democrats agreed to reduce $19 billion tax dollars for big banks and hedge funds the Republicans still stayed strong with their side. The entire legislation is a massive 2,000 pages to go through. It would entirely rewrite everything set in place within the nation’s regulatory books. All purchases in markets as well as trades within the country would have to abide by the new laws. The bill places the financial stability of the country into its grasps but it also serves as a positive change to America if the bill is successful. Obama said that the vote is “a victory for every American who has been affected by the recklessness and irresponsibility that led to the loss of millions of jobs and trillions in wealth.”
