The U.S. Senate passed the 2,300-page financial reform bill today
(vote was 60 to 39) after more than a year of deliberation. The
Obama administration is casting it as a major victory — protecting
average consumers from Wall Street excesses.
For the most part, senators voted along party lines, with only three Republicans breaking ranks to support the legislation, one of the highest domestic priorities for the Democrats.
The bill, to be signed by President Barack Obama this weekend, blocks major banks from growing irresponsibly, empowers the Federal Trade Commission and Federal Reserve to break up foundering businesses, and places hedge funds and credit rating agencies under the jurisdiction of the Securities and Exchange Commission. Large companies will now be required to have shutdown plans at the ready so that if they fail, they don’t take other segments of the economy down with them.
To read the full, original article click on this link: Senate says yes to financial reform, but exempts VCs from new rules | VentureBeat
Author: Camille Ricketts
