In a 59-39 vote Thursday evening, the Senate passed a sweeping overhaul of how the government regulates banks and Wall Street, marking the biggest overhaul of financial regulation since the 1930s and giving President Barack Obama a major policy victory.
The legislation, which calls for new ways to watch for risks in the financial system, aims to prevent a repeat of the recent meltdown that plunged the U.S. economy into a deep recession.
The bill will be merged with a House version that passed in December. A key House negotiator predicts the bill will reach Obama’s desk by the Fourth of July, The Associated Press reported.
The massive legislation touches all points in the financial sectors, from Wall Street CEOs and first-time homebuyers, to traders and small town lenders.
We’ll have much more on the next steps for financial reform Friday on The Rundown and on the NewsHour broadcast. Stay tuned.