Senate Passes Financial Reform
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In what will be the biggest financial overhaul legislation since the 1930s, the U.S. Senate passed its financial reform bill Thursday night.
Following months of maneuvering, the Senate voted 59 to 39 to approve the measure. The Senate bill now needs to be reconciled with the House's version so a final package can be signed into law by President Obama.
The bill has broad implications on the banking industry's profits, ability to grow and to make risky bets that could put the financial system at risk again.
Commenting on the approval, Treasury Secretary Tim Geithner "today's bipartisan vote follows many months of hard work. The House and Senate have now each passed strong bills that protect consumers, limit risk-taking by large institutions, and addresses the problem of "too big to fail."
The overhaul bill comes as the Dow slid 3.6% today on concerns in Europe.
Following months of maneuvering, the Senate voted 59 to 39 to approve the measure. The Senate bill now needs to be reconciled with the House's version so a final package can be signed into law by President Obama.
The bill has broad implications on the banking industry's profits, ability to grow and to make risky bets that could put the financial system at risk again.
Commenting on the approval, Treasury Secretary Tim Geithner "today's bipartisan vote follows many months of hard work. The House and Senate have now each passed strong bills that protect consumers, limit risk-taking by large institutions, and addresses the problem of "too big to fail."
The overhaul bill comes as the Dow slid 3.6% today on concerns in Europe.
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