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AirTalk

Senate passes sweeping financial reform

By AirTalk Staff
Published May 21, 2010
Sen. Christopher Dodd (D-CT) (L), smiles while flanked by Senate Majority Leader Harry Reid (D-NV) (2R), Sen. Richard Durbin (D-IL) (R), Sen. Blanche Lincoln (D-AR) (2L) and Sen. Mark Warner (D-VA), after the Senate voted to pass Wall Street reform, on May 20, 2010 in Washington, DC. In a 59-39 vote the Senate passed the landmark Wall Street regularly reform bill that will increase restrictions on the banking industry.
Sen. Christopher Dodd (D-CT) (L), smiles while flanked by Senate Majority Leader Harry Reid (D-NV) (2R), Sen. Richard Durbin (D-IL) (R), Sen. Blanche Lincoln (D-AR) (2L) and Sen. Mark Warner (D-VA), after the Senate voted to pass Wall Street reform, on May 20, 2010 in Washington, DC. In a 59-39 vote the Senate passed the landmark Wall Street regularly reform bill that will increase restrictions on the banking industry.
(
Mark Wilson/Getty Images
)
Listen 26:19
Senate passes sweeping financial reform
After ending debate early Thursday, the Senate passed the most far-reaching financial regulatory bill since the Great Depression on a 59-39 vote. Passage was a top legislative priority for President Obama, who called the bill a major step for consumer protection. The sweeping measure is designed to close the regulatory gaps and end the speculative trading practices that contributed to the 2008 financial crisis. The package must now be reconciled with the bill adopted by the House in December. How will these reforms impact the way banks do business? Do the reform measures go too far or not far enough? And what will the result be for every day citizens?

After ending debate early Thursday, the Senate passed the most far-reaching financial regulatory bill since the Great Depression on a 59-39 vote. Passage was a top legislative priority for President Obama, who called the bill a major step for consumer protection. The sweeping measure is designed to close the regulatory gaps and end the speculative trading practices that contributed to the 2008 financial crisis. The package must now be reconciled with the bill adopted by the House in December. How will these reforms impact the way banks do business? Do the reform measures go too far or not far enough? And what will the result be for every day citizens?

Guests:

Neil Irwin, National Economy Correspondent, Washington Post

James Gattuso, Senior Research Fellow in Regulatory Policy at Heritage Foundation’s Thomas A. Roe Institute for Economic Policy Studies

Heather Booth, Executive Director, Americans for Financial Reform