This Time article, dated May 20, 2010, is about the Senate passing its version of a Wall Street regulation bill that is intended to prevent another Wall Street collapse and the need for future bailouts. The bill also makes it easier to liquidate large financial firms on the brink of bankruptcy and places restraints on the biggest, most “interconnected” banks.
This bill comes on the heels of Obama’s health care overhaul, and Senate Republicans tried to delay the passage of this bill on two separate occasions.
The bill still needs to be reconciled with the House version, which excludes auto dealers from consumer regulations.
I think this bill is necessary after the bailout last year, and I think it was a good idea for Obama to push a bill that places restrictions on big banks to show that even though they were bailed out, they will “pay the American people back” eventually. I agree with Senate Majority Leader Harry Reid that “the days of ‘to big too fail’ are behind us,” and this bill will help prevent big crashes in the future.
This bill comes on the heels of Obama’s health care overhaul, and Senate Republicans tried to delay the passage of this bill on two separate occasions.
The bill still needs to be reconciled with the House version, which excludes auto dealers from consumer regulations.
I think this bill is necessary after the bailout last year, and I think it was a good idea for Obama to push a bill that places restrictions on big banks to show that even though they were bailed out, they will “pay the American people back” eventually. I agree with Senate Majority Leader Harry Reid that “the days of ‘to big too fail’ are behind us,” and this bill will help prevent big crashes in the future.
By Alex Bishop
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