Financial overhaul deal gives Obama a new triumph

Discussion in 'Politics & Religion' started by walter4, Jun 25, 2010.

  1. Financial overhaul deal gives Obama a new triumph
    http://news.yahoo.com/s/ap/20100625/ap_on_bi_ge/us_financial_overhaul

    WASHINGTON – The toughest financial regulations since the Great Depression are headed for final votes in Congress next week, covering everything from debit card swipes at Starbucks to the most complex securities, in an election-year salve for public anger over the Wall Street risk-taking that cost millions their jobs, homes and nest eggs.

    House and Senate bargainers approved the deal as the sun rose Friday, giving President Barack Obama a fresh campaign-season triumph after his health care overhaul — and an achievement to tout at the weekend global economic summit in Toronto. Democrats hope lawmakers can pass the legislation and ship it to Obama for his signature by July 4, capping a burst of action prompted by the worst recession in seven decades.

    The legislation creates a new federal agency to police consumer lending, set up a warning system for financial risks, force failing firms to liquidate and map new rules for instruments that have been largely uncontrolled.

    Leaving the White House for Toronto, Obama said the package will "help prevent another financial crisis like the one that we're still recovering from."
     
  2. It was the right thing to do. We can't go on letting the kids play in the deep end of the pool w/o PFD's.