The Senate passed sweeping financial services reform this week after two years of intense debate.
The 2,300 pages of the Restoring American Financial Stability Act of 2010 comes as home foreclosures have hit a historic high but another potential real estate crisis looms. Many commercial real estate loans will mature soon, and community banks will feel the strain if property owners can’t pay — much in the way bigger financial institutions did before the $700 billion Troubled Asset Relief Program began.
Can financial reform repair a broken credit market given these huge challenges? And what’s in it for the average American?
Need to Know asks Elizabeth Warren, chair of the Congressional Oversight Panel that has been monitoring the bank bailout and keeping tabs on all of the TARP money. Warren is now believed to be the frontrunner to head up the new Consumer Protection Agency, which has been proposed to help consumers better understand financial products.
Produced in collaboration with Blueprint America. Support for this segment provided by The Speedwell Foundation.