Wall Street reform moves a step closer as approaches its final vote
THE US Senate will vote this week on a landmark rewrite of financial regulations, Senate democratic leader Harry Reid said yesterday after three Republicans said they would back the measure.
“We will finish our work on this bill this week to ensure that these critical protections and accountability for Wall Street are in place as soon as possible,” Reid said in a statement.
The 2,400-page financial overhaul legislation has already been passed by the US House of Representatives.
It creates new rules for complex securities blamed for helping precipitate the economic crisis in 2008 and provides for a new agency assigned to protect consumers from potentially dodgy financial products, including mortgages. The new rules will still allow banks to invest in private equity.