Mereja

“Down with Gordon Gekko:” Financial reform bill passes the U.S. Senate

Written by

Daniela Altimari

in

Sen. Chris Dodd, chairman of the Senate Banking Committee and one of the measure’s chief proponents, said it marks a “major step towards creating a sound economic foundation for the American people we represent. This is their victory.”

 

The bill, says Dodd, includes a Consumer Financial Protection Bureau, provides for greater transparency of the derivatives market and puts into place new regulations on large companies that fail.


And, Dodd said, “for the first time ever, we will have an advance warning system, so somebody is on the lookout for the next big problem in the economy before it’s too late to do anything about it.


The measure must now be reconciled with the financial reform bill passed by the House. “I look forward to working with my colleagues in the House to produce a strong bill that will protect consumers, protect our economy, and hold Wall Street accountable,” Dodd said.

  

                                                                                


In Connecticut, the Working Families Party was quick to respond with a statement of support and gratitude for Dodd’s work.

Connecticut voters have been understandably distracted this week, but someone has to say it: Well done, Senator Dodd,” Working Families Executive Director Jon Green said in the statement. 
“It’s not often that the voices of families and consumers prevails over Wall Street’s lobbying juggernaut, but that’s what just happened. Down with Gordon Gekko. Long live George Bailey. Let’s strengthen the bill in Conference Committee and get it signed by the President.”

More posts