Senate Passes Wall Street Reform Bill

By Brandon Kosters - Talk Radio News Service

In a 60-39 vote, the Senate today passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, the bill gives bank regulators more leverage in dismantling firms engaging in risky trading practices, and creates a consumer protection agency to oversee the financial industry.

Said Sen. Ben Cardin (D-Md.), “no longer will the taxpayers of this country have to come to the rescue of these so-called businesses that are ‘too big too fail.’”

Sens. Susan Collins and Olympia Snowe (R-Maine) and Scott Brown (R-Mass) were the only three Republicans to support the bill. The House passed the same bill on June 30. President Barack Obama is expected to sign the bill into law sometime next week.