What%27s%20In%20The%20Financial%20Reform%20Bill - What's in...

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What's in Financial Reform Bill? Most Americans Don't Know Thursday, 15 Jul 2010 | 5:01 PM ET By: Reuters With CNBC.com The broadest overhaul of U.S. financial rules since the Great Depression won final approval in the Senate on Thursday. Yet over 70 percent of  Americans know nothing about the legislation. By a vote of 60 to 39, the Senate gave final approval to a sweeping measure that tightens regulations across the financial industry. In comments to CNBC Thursday, Democratic Senator Chris Dodd, a co-sponsor of the bill, noted that the sweeping measures passed by  Congress won't necessarily prevent a future financial crisis, but instead will "minimize the possibility" of another "near-meltdown." "The suggestion that any bill can stop future crises is ridiculous," Dodd said. "The issue is whether we've got now the oversight council to keep  an eye on what's occurring." Also Thursday, President Barack Obama hailed congressional passage the regulation, saying it will provide greater financial security to  Americans and would foster accountability. “All told, this reform puts in place the strongest consumer financial protections in history and it creates a new consumer watchdog to enforce  those protections,” Obama said in a press conference. “Because of this reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes and there will be no more tax  payer funded bailouts,” he continued. "If a large financial institution should ever fail, this reform gives us the ability to wind it down without  endangering the broader economy." Obama will likely sign the bill into law next week, the White House said. The legislation, which had been opposed by banks, leaves few corners of the financial industry untouched. It establishes new consumer  protections, gives regulators greater power to dismantle troubled firms, and limits a range of risky trading activities by banks in a way that would  curb their profits. The Senate vote caps more than a year of legislative effort after Obama proposed reforms in June 2009. The House of approved it last month. Despite the landmark overhaul, 38 percent of Americans have never heard of the legislation and 33 percent have heard of it but know almost  nothing about it, according to an Ipsos Public Affairs online poll. Another 18 percent said they know "a little bit" about the measure.
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This note was uploaded on 01/26/2012 for the course FIN 4620 taught by Professor Patriciarobertson during the Spring '12 term at Kennesaw.

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What%27s%20In%20The%20Financial%20Reform%20Bill - What's in...

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