The Senate passed on Thursday what The Wall Street Journal described as “the most extensive overhaul of financial-sector regulation since the 1930s.” The New York Times breaks down what’s in the bill and how it might change when reconciled with the House version. Worth noting: Democrats Russ Feingold and Maria Cantwell voted against the measure. Both have been pressing for tougher regulation than what ended up in the Senate bill.
New York Times:
The Senate on Thursday approved a far-reaching financial regulatory bill, putting Congress on the brink of approving a broad expansion of government oversight of the increasingly complex banking system and financial markets.
The legislation is intended to prevent a repeat of the 2008 crisis, but also reshapes the role of numerous federal agencies and vastly empowers the Federal Reserve in an attempt to predict and contain future debacles.