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Congress Comes A Step Closer To Financial Overhaul

June 30, 2010 by  

Congress comes a step closer to financial overhaulOn June 25 lawmakers approved a bill that reconciles the House and Senate Wall Street reform proposals, clearing the way for final votes on what has been described as the most sweeping financial sector overhaul since the 1930s.

Legislators worked through the night to cap a two-week-long session and reach a historic agreement on the reform that will impose greater oversight of hedge funds and derivatives market, limit proprietary trading by banks and possibly break up firms that are deemed "too big to fail," according to media reports.

Investors will also gain more power to sue credit rating agencies, which have been implicated in the 2008 financial meltdown, and a consumer protection agency will be set up.

President Obama praised the compromise saying that "we are poised to pass the toughest financial reform since the ones we created in the aftermath of The Great Depression."

However, not everyone seemed to share his views. William Isaac, the former chairman of the Federal Deposit Insurance Corporation (FDIC), said that the bill does not accomplish its goals.

"We haven’t done anything to repair this 100-year-old regulatory structure," he said, quoted by Bloomberg.

The final votes in the full House and Senate are expected to take place this week, and congressional leaders hope to send the bill to Obama by July 4.
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