Wall Street reform passes in the Senate

This CNN article entitled Senate Passes Sweeping Wall Street Reform from May 21, 2010 describes the latest bill to be passed by the senate, the Wall Street Reform bill. After about a year of debate, senators have agreed on the bill's provisions- to create a consumer financial protectionregulatory agency that could write new rules to protect consumers from unfair or abusive mortgages and credit cards, a council of regulators that would sound an alarm before companies are in position to trigger a financial crisis, and establish new procedures for shutting down giant financial firms that are collapsing. The bill passed with a 59-39 ratio and is headed to a conference committee to iron out differences between it and the House's version.


This article is a prime example of the Constitution's provision of checks and balances. After passing the House, the bill was passed trhough the Senate, and now faces the rulings of a conference committee before it can be handed to the President for signing.


I think this bill will be a huge benefit in the future financial system, offering more protections for consumers and limiting big companies. The current financial predicament we're in now was brought along by abusive and manipulative big businesses, particularly mortgage companies, so I believe that in order to prevent another recession caused by the same mistakes, this bill needs to be passed.

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By: Sarah Gross