The vote means the 2,300 page bill can finally become law. But
it will be years before its full impact becomes known. The bill
covers many areas of finance, from monitoring systemic risk to
winding down banks to over-the-counter
The House of Representatives passed the bill on June 30 by 237
vote to 192. All but three Republicans opposed it. However, it
proved impossible to get the bill through the Senate before the
July 4 holiday, because the Democrats could not immediately
secure the 60 votes they needed.
Over the last few days those have fallen into place.
Senate majority leader Harry Reid scheduled the vote earlier
this week, he gave a public display of optimism.
And Senator Christopher Dodd, chairman of the Senate Banking
Committee and one of the authors of the bill, said: "I believe
we have 60 votes, otherwise we wouldn’t be going
This view gained credence when US President Barack Obama
announced on his official Twitter page: "We’re on the verge of
victory on Wall Street reform".
Several key players have come into line behind the bill this
week. Senator Ben Nelson, a conservative-leaning Nebraska
Democrat who originally opposed the bill, has changed his
I will support the Wall Street reform bill to end bailouts, add
common sense consumer protections and make sure that Nebraska
Main Street businesses are not adversely affected as we rein in
recklessness on Wall Street," Nelson said.
Several Republicans have also broken ranks. One is Scott Brown
from Massachusetts, who announced on his website: "
I decided that while the bill was far from perfect, it was
vastly improved from the version we started with at the
beginning of this process."
Brown’s quandary about supporting the legislation
was one of the main reasons why Democrats made the last change
to the text, when a $19bn bank levy to pay for financial
clean-up costs was removed at the end of June.
Senator Olympia Snowe, (Republican, Maine) also supported the
bill. "After thoroughly reviewing
the 2,315-page financial regulatory reform conference bill
during the July 4 work period, I intend to support passage of
the legislation when it’s brought before the
Senate for consideration," Snowe said. She criticised her own
party for its lack of support for the Dodd-Frank
Colin Packham, Sydney email@example.com
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