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.

Photo Credit: http://econotwist.files.wordpress.com/2010/04/obama-wall-street-reform.jpg

GRADE THIS POST

By: Sarah Gross

Getting Rid of Nuclar Weapons

Seen on CNN, Obama to Submit Nuclear Arms Treaty to the Senate, Obama has sent a treaty to the Senate for ratification detailing The Strategic Arms Reduction Treaty. This treaty cuts the number of nuclear weapons held by the US and Russia by a third, and sets a limit for both countries at 1550 nuclear warheads and 700 delivery vehicles. The Republicans in Congress are hesitant to support this treaty because they are concerned over the effectiveness of the treaty and the country's defenses. This is a current example of Congress's check on the President in foreign policy. The President can negotiate treaties, but Senate must ratify treaties with a 2/3 majority vote.
MWeidmann
WWillson