The US Senate passed the bill reforming the financial system. The bill is expected to create a Consumer Financial Protection Bureau, further controls on derivatives trading, a resolution system incorporating financial institutions, as well as an early warning system.
Banking Committee Chairman Chris Dodd hailed Senate passage of the bill to bring accountability to Wall Street.
“With passage of the Wall Street Reform bill we have taken a major step towards creating a sound economic foundation for the American people we represent. This is their victory.”
“For the first time ever we will have a Consumer Financial Protection Bureau to watch out for the average citizen in our country when they are abused by a financial market place that takes advantage of them on home mortgages and credit cards.”
“For the first time ever, we will have transparency and accountability for derivatives with mandatory clearing and exchange trading.”
“For the first time ever, we will have a system in place, so that when a giant company fails, it fails, its management is fired, its shareholders and creditors are wiped out, and never again will taxpayers be forced to bail them out.”
“For the first time ever, we will have an advance warning system, so somebody is on the lookout for the next big problem in the economy before it’s too late to do anything about it.”
“The debate we have had, covering four weeks, considering close to 60 amendments from members of both parties, represents the Senate at its best. I look forward to working with my colleagues in the House to produce a strong bill that will protect consumers, protect our economy, and hold Wall Street accountable.”
© US Banking Senate
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