Senate Passes Wall Street Reform Act

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Senate Ends Debate on Dodd-Frank Wall Street Reform and Consumer Protection Act

The US Senate has passed a massive Wall Street reform bill, which will now go to President Obama's desk. Debate ended with a 60-38 vote.

The Wall Street reform legislation is 2,300 pages long, and aims to add transparency and control to a murky and effectively unregulated system of finance that led to the worldwide market collapse.

Highlights of the bill include giving the federal government the power to break up failing companies whose implosion would negatively impact the US economy, and creating a new consumer protection agency that focuses on financial products like mortgages and investment packages.

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However, like any financial regulation, this law's success will depend on the individuals tasked with enforcing it. Support for the act was divided along party lines, with only three Republicans voting in favor of the bill.

House Committee on Financial Services summary of Dodd-Frank Wall Street Reform and Consumer Protection Act (pdf)