Wall Street bill ready to go

It looks as though the Democrats in Congress are about to get the 60 votes they need to advance the broadest overhaul of US financial rules since the Great Depression.

Senator Harry Reid said he wants to hold a final vote later in the day and send the measure to Obama’s desk.

Republicans could delay the vote until Friday evening, but are unlikely to do so.

The House of Representatives has already approved the bill. The bill tightens regulations across the financial industry, an attempt to prevent a financial crisis like 2007-2009. The bill gives regulators greater power to dismantle firms, limits risky trading, and establishes new consumer protections.

It seems the Democrats are attempting to show voters they are willing to crack down on the financial industry. Early polls show the Republicans are set to make big gains in the November elections.

Recent polls have shown Obama’s approval rating taking a beating. This one is from Rasmussen Reports.

This does not bode well for Democrats and any measures they pass immediately before the election may be too little too late.

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Posted on July 15, 2010, in Newspaper & Journal Articles, Politics & The Economy and tagged , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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