21 May 2010

He Voted for You: Wall Street Overhaul

U.S. Sen. Jay Rockefeller, D-W.Va., helped pass that chamber's version of the Wall Street Reform and Consumer Protection Act of 2009.

Sen. Robert C. Byrd, D-W.Va., was one of two members absent for the 59-39 roll call.

The Associated Press describes the legislation as "the most far-reaching restraints on big banks since the Great Depression. In its broad sweep, the massive bill would touch Wall Street CEOs and first-time homebuyers, high-flying traders and small town lenders."

"While Republicans succeeded in amending the bill, they still objected to its sweep, claiming it represented an expansion of government power that would have unintended consequences," the article said. "Democrats argued it was a potent response to the financial abuses, regulatory weaknesses and consumer misjudgments that plunged the nation deep into recession."

1 comment:

Hoyt said...

The Republicans need not worry. Wall Street will find a way to continue to reap profits while the gap between the rich and wealthy grows ever wider.