The U.S. Senate had finally, and unexpectedly, passed the much ballyhooed Wall Street Reform legislation. The Senate vote, 59-39, represents a major achievement for the Obama administration despite strong GOP opposition and coming just months after the historic, but substantially watered-down, Healthcare reform package.
Financial Regulatory Reform Update from around the horn for the week of 11 May 2010.
Finally capitulating to voter outrage, and the very kind of “Change” he campaigned on last year, President Obama proposed tough new financial industry restrictions under what he called “the Volcker Rule” – named after Paul Volcker, the former Fed Chair.