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Financial bill falls short on big-banks issue

Business Times - 26 May 2010


Financial bill falls short on big-banks issue

By LEON HADAR
WASHINGTON CORRESPONDENT

AND they said it could not be done. Following months of debate, last week the US Senate in a 59-39 vote approved its version of the financial reform legislation.

The measure that supporters say could have dramatic effects on the way Wall Street operates was another major step towards Congressional passage of the most far-reaching revamping of the financial regulatory system since the dramatic overhaul in the aftermath of the Great Depression of the 1930s.

So it's done! (Well, almost).

The expectation on Capitol Hill is that the financial legislation could be signed by President Barack Obama before July 4. Mr Obama and the Democrats want to use the bill as an issue in the November midterm Congressional elections, by exploiting the populist sentiments among voters and painting themselves as the party that protects Main Street - as opposed to the Wall Street-type Republicans.