Senate Passes Massive Wall Street Regulation Bill

A key House negotiator is predicting a bill overhauling financial regulations will be on President Barack Obama's desk by the Fourth of July.

The measure cleared the Senate Thursday and must be reconciled with the House version approved in December. It would enact the most sweeping changes in the rules governing big banks since the Great Depression.

Four Republicans broke ranks. Sens. Charles Grassley of Iowa, Scott Brown of Massachusetts, and Olympia Snowe and Susan Collins of Maine voted in support of the measure.

Passage marks a major victory for the president. It came just two months after his health care overhaul became law.

The legislation aims to prevent a recurrence of the near-meltdown of big Wall Street investment banks and the resulting costly bailouts. But Alabama Republican Richard Shelby says judgment will be rendered by the marketplace.

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  • by Ed Location: NC on May 24, 2010 at 11:19 AM
    This whole bill is a smokescreen by the Obama Administration to give the appearance that it is bringing stabiltiy to the market. It does not, will not, nor cannot do this. While the bill may curtail short selling of certain financial intruments on US exchanges, and investing in certain derivative products, it does not affect the trading of those products that are also traded on the overseas markets. The derivatives market is so complex, with new products available to institutions almost daily, that lawmakers have trouble even defining what a derivative entails. Nor does it affect synthetic short selling in the options market in the form of selling calls and buying puts on those instruments. The large institutional investors are far more savvy than most politicians even realize and they will no sooner get the law passed than these investors will find a loophole. In other words, don't bet your life savings on the hope that Obama's plan will save you from your investment choices.
  • by Obama Snake Oil co Location: Washington on May 22, 2010 at 02:58 PM
    Wolfgang and others, I strongly suggest you trace on "Shore Bank" in Chicago.....this should tell you what is really going on. Lavon, don't bother, you wouldn't want to know the truth anyway, now, go post some bliss!
  • by Obama Snake Oil co Location: Washington on May 22, 2010 at 01:21 PM
    No, Lavon, we will follow those that believe in god, country and America....I know you have to hate that. Thats OK, I once was lost, but now I am found....find your way!
  • by Anonymous on May 22, 2010 at 10:33 AM
    Data Man, these are the same people who funded Obamas campaign, does the name Goldman-Sachs ring a bell? They were his biggest contributers and just recentley had an investigation started against them for fraud. I'm sure Obama will get them out of everything though, just like he did ACORN.
  • by Wolfgang Location: Chocowinity,NC on May 22, 2010 at 10:08 AM
    Open your history books people. Obama again shiffs the blame on Wall St. Omama and the Democrats caused the ression. - Almost no one realizes that this entire subprime lending mess was created by the Community Reinvestment Act, which was passed by President Carter, a Democrat, in 1977. Later on in the 1990s, Bill Clinton, another Democrat, passed laws to enforce the original bill. The purpose of the CRA is to force banks to make risky loans to people who can’t afford to repay those loans. According to Human Events, Obama ACON's Attorney himself sued banks on behalf of ACORN, to force the banks to make these risky loans. Obama sued Citibank under the Community Reinvestment Act in a typical ACORN-style lawsuit to force the bank to make these risky loans. ACORN filed many of this type of lawsuit alleging racism in all of them. George W. Bush tried to stop the Democrats from ruining the economy with these forced loans. He was blocked by Democrats like Barney Frank.
  • by Data Man on May 21, 2010 at 07:04 PM
    I can't beleive you Obama Snake Oil. You have been brain washed with your other side! Obama is keep these people from scaming the public and taking their money. My GOD wake up! You already poor! You fools will follow palin in a ditch! Wake up!
  • by Obama Snake Oil Co Location: Washington on May 21, 2010 at 11:41 AM
    Well, Lavons been into the koolaid again and playing in the sandbox already...I sense the sugar high he has today. I gave him instructions on how to use google, he hit the koolaid...well, at least he isn't wearing him mommies high heels and sportin dresses...
  • by Lavon Location: Goldsboro on May 21, 2010 at 07:44 AM
    Obama once again is on top of his game doing such a wonderful job. Keep up the good work President Obama we support you here in NC.
  • by Anonymous on May 21, 2010 at 06:15 AM
    He may have kept his promise on this one but what is it going to cost us? how will this affect us? Barlow, they raped this country when they funded Obamas campaign.
  • by Obama Snake Oil Co Location: Washington on May 21, 2010 at 05:35 AM
    Wall Street took a hit on the Dow as a result of it, foreign banks are very nervous and down this am. Tyrone, Fannie Mae and Barney Franks, Christopher Dodd...all are the problem. For some reason, this corruption is tied to a bank called "Shore Bank".
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